{"id":3473,"date":"2024-07-29T08:44:56","date_gmt":"2024-07-29T08:44:56","guid":{"rendered":"https:\/\/www.commercialsearch.com\/blog\/?p=3473"},"modified":"2025-11-12T08:38:36","modified_gmt":"2025-11-12T08:38:36","slug":"manhattan-reclaims-top-spot-in-office-sales","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/blog\/manhattan-reclaims-top-spot-in-office-sales\/","title":{"rendered":"Manhattan Reclaims Top Spot in Office Sales"},"content":{"rendered":"

Manhattan<\/a> has reclaimed its position from the end of 2023 as the top market in the country for office sales volume through June, according to the latest office report from CommercialCafe. Surprisingly, before June, Manhattan was ranked fifth so far this year, with Washington, D.C. leading, followed by the Bay Area; Boston; and Houston, Texas. The major turnaround was driven by a significant transaction in June, which boosted Manhattan\u2019s sales volume from $570 million in May to more than $1.4 billion by the end of June.<\/p>\n

The key deal involved the sale of a mixed-use building at 980 Madison Ave. on the Upper East Side, which is known for its art galleries. Aby Rosen\u2019s RFR Holding sold the 134,000-square-foot property for an impressive $560 million to Michael Bloomberg\u2019s Bloomberg Philanthropies, which plans to convert 86% of the building for its use. This selling price was 60% higher than the building\u2019s most recent appraisal of $350 million in 2021 \u2014 especially noteworthy considering that office property values may be near the market\u2019s low point.<\/p>\n

\"980<\/p>\n

980 Madison Ave., New York, NY 10075<\/em><\/p>\n

As recently reported<\/a> in Bisnow<\/em>, the major transaction at 980 Madison Ave. highlights a broader market shift in which institutional buyers are largely stepping back from making purchases. This change has created opportunities for end-users, family offices, private buyers, and high-net-worth individuals and showcases a pattern of private and end-user acquisitions becoming increasingly prominent in the market.<\/p>\n

Additionally, this surge in sales volume has positioned Manhattan as not only the national leader in sales volume, but also in average sale prices: The same report shows that properties in Manhattan are trading at an average of $588 per square foot. That\u2019s almost 67% higher than the figures from the previous month, which stood at $300 per square foot. Furthermore, Manhattan continues to be the priciest office market in the U.S. with asking rents reaching $71.34 per square foot at the end of June \u2014 a 1.1% increase from the previous year.<\/p>\n

For more details on the Manhattan office market or any of the nation\u2019s 120 markets, consult CommercialCafe’s complete national office report<\/a>.<\/p>\n

If you\u2019re looking for office space, search our homepage<\/a> using our specialized search filters including location, price range and available space. Or, look for office spaces in one of the following top markets:<\/p>\n\n\n\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t
Office space in New York City<\/a><\/td>Office space in Phoenix<\/a><\/td>Office space in San Francisco<\/a><\/td>\n<\/tr>\n
Office space in San Antonio<\/a><\/td>Office space in Atlanta<\/a><\/td>Office space in San Diego<\/a><\/td>\n<\/tr>\n
Office space in Manhattan<\/a><\/td>Office space in Austin<\/a><\/td>Office space in Las Vegas<\/a><\/td>\n<\/tr>\n
Office space in Fort Worth<\/a><\/td>Office space in Boston<\/a><\/td>Office space in Seattle<\/a><\/td>\n<\/tr>\n
Office space in Portland<\/a><\/td>Office space in Miami<\/a><\/td>Office space in Philadelphia<\/a><\/td>\n<\/tr>\n
Office space in Dallas<\/a><\/td>Office space in Chicago<\/a><\/td>Office space in Denver<\/a><\/td>\n<\/tr>\n
Office space in Houston<\/a><\/td>Office space in Los Angeles<\/a><\/td>Office space in Arlington<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n","protected":false},"excerpt":{"rendered":"

Manhattan has reclaimed its position from the end of 2023 as the top market in the country for office sales volume through June, according to the latest office report from CommercialCafe. Surprisingly, before June, Manhattan was ranked fifth so far this year, with Washington, D.C. leading, followed by the Bay Area; Boston; and Houston, Texas. The major turnaround was driven by a significant transaction in June, which boosted Manhattan\u2019s sales volume from $570 million in May to more than $1.4 billion by the end of June. The key deal involved the sale of a mixed-use building at 980 Madison Ave….<\/p>\n","protected":false},"author":3163,"featured_media":3476,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[6,5],"tags":[71],"class_list":["post-3473","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-office-news","tag-manhattan-ny"],"acf":[],"yoast_head":"\nManhattan Leads U.S. Office Sales Volume in First Half of 2024<\/title>\n<meta name=\"description\" content=\"Manhattan regained the top spot for U.S. office sales volume by June 2024, with sales climbing from $570M in May to over $1.4B.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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