Manhattan's office market posted mixed results in the first quarter, with office leasing activity down, but the investment sales sector regaining some of its previously lost momentum.
The market looks to be quite different now than past construction cycles for several reasons, mainly due population gains and uninterrupted, broad-based job growth that totaled 605,857 from 2010 to 2017.
The Urban Institute's HARI measure shows that San Francisco, Seattle and Washington DC, are more affordable for local renters than other measures indicate.
JLL reports that since the fourth quarter of 2017, 77% of the 293 announced retailers opening locations in DC have been dining spots, 15% of which were coffee shops.
So far all of the new supply entering the market, as well as Airbnb, has not had an impact on properties backing CMBS loans, Trepp says. That may change this year.