Office Transaction Volume Held Steady in Manhattan in Q1

1 min read

Manhattan's consistent office transaction volume was eclipsed by New Jersey, which ranked third nationally for sales volume in Q1.

In the first quarter of 2022, Manhattan’s office market has recorded $1.02 billion in transactions, according to CommercialEdge data. The deal volume was slightly up compared to the same period in 2021, when it reached $1 billion.

The average sales price for office produce year-to-date through March was lower than the figure in the first two months ($1,440 per square foot), reaching $921 per square foot by the end of the first quarter. By comparison, in the same period last year prices averaged at $1,287, while in first three months of 2020 the price was at $753 per square foot.

In the first quarter of 2022, Seattle led the list of markets with the largest sales volumes ($1.15 billion), trailed by Dallas ($1.14 billion). New Jersey came in third, with a total of $1.1 billion. Houston and the Bay Area also registered larger sales volumes than Manhattan.

Several notable sales closed within the first three years of the month in New Jersey, including the $48 million disposition of 15 Exchange Place in Jersey City, N.J. American Equity Partners purchased the 136,000-square-foot waterfront property, situated across the Hudson River from Tribeca.

The largest deal of the quarter was a portfolio that closed in late March: Silverstein Properties sold off the remaining four properties of the former Walt Disney campus on the Upper West Side. Guggenheim Life and Annuity Co. provided a $850 million loan to Extell Development for its purchase of the roughly 833,550-square-foot, four building ensemble that included the Barbara Walters Building, 77 W. 66th St., 30 W. 67th St. and 149 Columbus Ave. Part of a larger deal, Silverstein picked up the properties along with other assets in a $1.2 billion portfolio transaction in 2018.

CommercialEdge covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report here.

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