New York Market Overview
- Total Manhattan Class A Office vacancies decreased from 6.6 % vacant to 6.4 % vacant
- Total New York City Office vacancy decreased from 6.1 % vacant to 5.9 % vacant
Stuyvesant Town and Peter Cooper Village sold for $5.4 Billion and 666 Fifth Avenue sold for $1.8 Billion. The New York City commercial market will remain hot for the foreseeable future as there are limited new commercial buildings coming on line, retail and office rents at all time highs and there is ample equity available for acquisitions.
New office construction is underway at Freedom Tower and the new Goldman Sachs headquarters, but still limited compared to the office demand that is expected. As a result some of the high office rents buildings that were being converted from commercial to residential may be put back in service as office buildings.