Since the rebound, there has been more than 900,000 square feet converted into creative space in the Airport submarket alone and almost as much set to be delivered in OC over the next 18 months, representing a direct shrinking of the class-B inventory, NKF's George Thomson tells GlobeSt.com.
The market failed to accumulate one million square feet of annual net absorption for the first time in five years, and it was the second consecutive year with negative net absorption in the final quarter.
The median sale price of a residential unit in Manhattan in the fourth quarter of 2017 was $1.06 million, which marked the third consecutive quarter where the median sale price increased as compared to the same period a year earlier. However, the fourth quarter median price was 9.4% lower as compared to the third quarter 2017 median price of $1.17 million.
Strong demographic trends, diverse economic base and healthy job creation will remain attractive to investors and encourage investment activity amid low transaction volume of newer multifamily assets in Houston last year.
A deep dive into the statistics shows that food/coffee establishments are continuing to post strong growth, while retailers facing competition from on-line outlets have considerably contracted their respective footprints in the New York metro region.
The report notes that while several new large public works projects have came on line this year, the residential housing sector in the borough has accounted for more than 50% of the construction starts in the first nine months of this year.
As it does the market must get ready for a “new normal” of changed renter demographics, according to a report by the Joint Center for Housing Studies of Harvard University.