{"id":1004167904,"date":"2017-03-02T04:09:48","date_gmt":"2017-03-02T12:09:48","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004167904"},"modified":"2020-04-08T22:10:00","modified_gmt":"2020-04-09T06:10:00","slug":"commercial-cafes-nyc-2016-office-report","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/commercial-cafes-nyc-2016-office-report\/","title":{"rendered":"CommercialCafe Report: NYC Office Market Sizzles in 2016"},"content":{"rendered":"<p>By Ioana Neamt<\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/Commercial-Cafe-chart.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004167910\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/commercial-cafes-nyc-2016-office-report\/commercial-cafe-chart\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/Commercial-Cafe-chart.jpg\" data-orig-size=\"652,464\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Commercial Cafe chart\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/Commercial-Cafe-chart.jpg?w=652\" class=\"alignright size-medium wp-image-1004167910\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/Commercial-Cafe-chart.jpg\" alt=\"Commercial Cafe\" width=\"300\" height=\"213\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/Commercial-Cafe-chart.jpg 652w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/03\/Commercial-Cafe-chart.jpg?resize=300,213 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>It was the best of times, it was the worst of times\u2014a fitting description for New York City\u2019s commercial real estate market in 2016. Though leasing activity in Manhattan dropped significantly in the midst of political and economic uncertainty, according to data from JLL, this did not put a damper on office sales in NYC. Though activity cooled down from the highs of 2015, investment sales volume remained strong in 2016, surpassing the levels of 2012-2014.<\/p>\n<p>Our study analyzed&nbsp;commercial office transactions of more than $5 million and office buildings and spaces of over 5,000 square feet, from 2012 to 2016, based on Yardi Matrix&nbsp;and&nbsp;PropertyShark sales and proprietary research. The sales included were recorded up until Jan. 25, 2017, and we excluded ownership stake transactions.<\/p>\n<h4>Key takeaways:<\/h4>\n<ul>\n<li>Total sales volume in NYC topped $21B in 2016<\/li>\n<li>The average price per sq. ft. in Manhattan reached a 5-year peak ($1,347)<\/li>\n<li>June proved busiest month of the year\u2014transaction volume reached $4.4B<\/li>\n<li>NYC commercial market attracted record foreign capital in 2016<\/li>\n<li>Largest sale of the year: AXA Equitable Center at 787 7<sup>th<\/sup>&nbsp;Ave. traded for $1.9B<\/li>\n<li>One Brooklyn sale among&nbsp;largest transactions of 2016\u2013Watchtower Building Sold for $340M<\/li>\n<li>What\u2019s next? Major office projects in the works in NYC<\/li>\n<li>Download raw report data<\/li>\n<\/ul>\n<p>The full report is available at&nbsp;<a href=\"https:\/\/www.commercialcafe.com\/blog\/new-york-city-office-report-2016\/\" target=\"_blank\" rel=\"noopener\">Commercial Cafe<\/a>.<\/p>\n<div>COMMERCIALCaf\u00e9 is a commercial real estate internet listing service, part of Yardi\u2019s network of platforms. Listings on our website gain immediate exposure across the entire network, including PropertyShark and Point2.<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Though it\u2019s no surprise that Manhattan remains the main target for office investment in New York City, other boroughs also managed to attract a good deal of capital in the past year.<\/p>\n","protected":false},"author":192,"featured_media":1004167929,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21783,1600,21742,10,21747],"tags":[34353],"class_list":["post-1004167904","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-commercial-cafe"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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