August 9, 2019 Comments Off on Manhattan Office Sales Gain in Q2 But Drop Y-O-Y Views: 632 New York News, Top New York

Following a strong 2018 of more than $15 billion in sales volume, the Manhattan office market was notably slower during the first half of 2019, according to CommercialCafe analysis. Although the second quarter represented an improvement over Q1, the $1.9 billion worth of office assets to trade in Q2 marked a 26% year-over-year drop in dollar volume.

A total of nine office sales closed in Q2, encompassing 3.5 million square feet. The average price-per-square-foot for a Manhattan office property decreased 37% Y-O-Y in Q2 to $556 from $887 a year earlier.

Q2 prices rested at less than half of the peak values recorded in 2016, when Manhattan office assets traded at up to $1,212 per square foot. A notable exception was Google’s acquisition of the Milk Building, not only the largest at $592 million, but also well above the quarterly average at $1,821-per-square-foot.

Pictured: The Milk Building

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Tags: Acquisition, Office, Sale

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Manhattan Office Sales Gain in Q2 But Drop Y-O-Y

Paul Bubny