{"id":1004596671,"date":"2022-08-11T06:09:27","date_gmt":"2022-08-11T14:09:27","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004596671"},"modified":"2023-03-22T22:38:31","modified_gmt":"2023-03-23T06:38:31","slug":"manhattan-office-deal-volume-increased-in-q2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/manhattan-office-deal-volume-increased-in-q2\/","title":{"rendered":"Manhattan Office Deal Volume Increased in Q2"},"content":{"rendered":"

\"\"<\/a>In the second quarter of 2022, Manhattan\u2019s deal volume totaled $1.83 billion, according to CommercialEdge <\/strong>data. The total value of office product that changed hands between April and June exceeded first-quarter figures, which reached $1.02 billion.<\/p>\n

Year-to-date through June, office sales in Manhattan added up to a total of $2.85 billion, the largest volume across all U.S. markets, followed by the Bay Area ($2.64 billion) and Boston ($2.53 billion). Seattle ($2.33 billion) and Los Angeles ($2.3 billion) also exceeded the $2 billion mark. At the same point last year, year-to-date sales in Manhattan reached $2.12 billion. The share of office sales across gateway cities has fallen from 41.5 percent in 2018 to 32.0 percent in 2022.<\/p>\n

Although quarter-over-quarter deal volume was up in Manhattan, the average price per square foot decreased from $921 in the first quarter to $880 by the end of June. In mid-2021, the metro\u2019s average price clocked in at $1,249, marking a roughly 70 percent decrease year-over-year.<\/p>\n

Biggest Manhattan deals in Q2<\/h2>\n

Oxford Properties<\/strong> scored the biggest sales price for a building, when it pocketed $445 million<\/a> for 450 Park Ave. in the Plaza District. Announced in April, SL Green Realty Corp. <\/strong>closed the purchase of the 337,000-square-foot, Class A+ property for roughly $1,350 per square foot in June. SL Green teamed up with unidentified institutional investors from South Korea and Israel to make the purchase. The seller bought the 33-story asset in 2014 for $545.8 million.<\/p>\n

The second largest deal of the quarter<\/a> was the sale of 475 Fifth Ave., a 275,738-square-foot Class A property in Murray Hill. RFR Realty<\/strong> picked up the 24-story, LEED Silver-certified asset from a partnership between Nuveen Real Estate<\/strong> and Norges Bank Investment Management<\/strong>. The $1,055-per-square-foot deal closed with the help of a $180 million acquisition loan provided by JPMorgan Chase<\/strong>.<\/p>\n

CommercialEdge<\/a> covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report <\/span>here<\/a>.<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Even though investment sales registered major gains, pricing continues to play catch-up. <\/p>\n","protected":false},"author":739,"featured_media":1004545005,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22251,21783,1600,21742,10,21747],"tags":[51047,50674],"class_list":["post-1004596671","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-in-focus","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-marketupdate","tag-commercialedge"],"acf":[],"yoast_head":"\nManhattan Office Deal Volume Increased in Q2 -<\/title>\n<meta name=\"description\" content=\"Even tough Manhattan deal volume was up since the first quarter of the year, prices fell roughly 70 percent since June 2021.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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