We studied the sale of office buildings in core Manhattan from $5-$200M in four categories: (1) class-b investment sales (2) user buyer sales (3) residential conversion sales and (4) other. A trend that is becoming more common, and we expect to continue, is that 25% of all office sales included some form of existing lender […]
The New York City investment sales market continues to climb out of the COVID-induced commercial property market recession. While there is a tangible sense of optimism and markets are beginning to return to long-term averages, the recovery seems to remain constrained by externalities impacting the market.
A sense of optimism and excitement is being felt in the investment sales property market following the easing of COVID restrictions and the reopening of many businesses in New York City.
While the transactional numbers have yet to fully demonstrate that optimism, there are promising signs indicating that the second half of the year should return to the transactional averages of 2018.
The New York City investment sales market started the new year with the same muted market-wide performance that it ended with in 2020. While the first quarter’s results left much to be desired, we remain confident that the second half of 2021 will see a return to the long-term transactional averages as the vaccine rollout continues its momentum and businesses and people alike begin to return to the city.
2020 will be remembered as the year New York City commercial real estate weathered a storm like no other. Before COVID-19 impacted our daily lives, 2020 was expected to be a challenging year for commercial real estate due in part to rent regulation law changes in 2019, tax increases, and what promised to be a turbulent election cycle.
After a challenging year in 2019, 2020 started off in positive fashion with the first quarter showing promising returns in both dollar volume and transactions. The market finally began to show signs of life following the rent regulation changes in June 2019 as dollar volume and transactions appeared to be trending back towards long-term averages.
2019 was a tumultuous year for the New York City investment sales market. There was Amazon’s derailed plan for its HQ2 in Long Island City, along with sweeping rent reform legislation from the state government.
Even with external factors potentially wreaking havoc, the investment sales market finished 2019 with a total dollar consideration of just under $34B — a decline of 7% from 2018 but a slight increase (+2%) from two years ago.
Last year was a tumultuous one for the investment sales market in New York City. New rent regulation put a damper investors’ appetites after the state’s legislation passed in June. Even amid a roaring economy, 2H19 was a sluggish one.
As we head into 2020, there’s cautious optimism around the B6 offices. We surveyed our investment sales and capital advisory teams to gauge opinions on where the market is headed. Here’s what we found.
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