• New York City

New York City Five Fast Facts for May 2019

Total leasing activity in Manhattan is besting 2018’s record pace, with 14.3 million square feet (msf) leased or renewed through April, up 10.2% year-over-year. Net effective rents (NER) for Manhattan Class A buildings of all lease types averaged $66.47 per square foot (psf) through April, a 4.6% decline from the 2018 average. On the sales side, the 12 office properties sold in Q1 totaled $2.2 billion in dollar volume, down 56.8% YOY following the $2.4B purchase of Chelsea Market in Q1 2018. In retail, two out of every three Manhattan retail leases over the past five quarters were from food and apparel retailers.

Be on the lookout for more editions of Five Fast Facts from Cushman & Wakefield’s Tri-State Research team each month. You can download the pictured graphic by clicking here.

  • New York City

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