{"id":37165,"date":"2020-02-20T11:10:14","date_gmt":"2020-02-20T09:10:14","guid":{"rendered":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/?p=37165"},"modified":"2025-04-10T14:16:28","modified_gmt":"2025-04-10T11:16:28","slug":"office-sales-in-manhattan-drop-12-y-o-y-in-q4-2019","status":"publish","type":"post","link":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2020\/02\/20\/office-sales-in-manhattan-drop-12-y-o-y-in-q4-2019\/","title":{"rendered":"Office Sales in Manhattan Drop 12% Y-o-Y in Q4 2019"},"content":{"rendered":"\n<p><a href=\"https:\/\/www.propertyshark.com\/cre\/office\/us\/ny\/manhattan\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Manhattan office (opens in a new tab)\">Manhattan office<\/a> sales dropped 12% year-over-year (Y-o-Y), with total volume dipping under $2.8 billion. Quarter-over-quarter, Manhattan sales decreased by more than $1 billion, despite gaining traction in Q3.<\/p>\n\n\n\n<p>Highlights:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Year-over-year, the average price per square\nfoot increased to $875.<\/li><li>About 3.3 million square feet of office space\nwas traded in Q4 2019, down 17% compared to the previous year.<\/li><li>Overall office asking rents increased Y-o-Y to\nan average of $84.95 per square foot to end the quarter.<\/li><li>The $875 million sale of 330 Madison Avenue was\nthe largest office deal in the borough in Q4.<\/li><\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p>Read the full breakdown of the report below.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Manhattan_Office_Sales_Decrease_12_Y-o-Y\"><\/span>Manhattan Office Sales Decrease 12% Y-o-Y<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><a href=\"https:\/\/www.commercialcafe.com\/commercial-real-estate\/us\/ny\/manhattan\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"Manhattan (opens in a new tab)\">Manhattan<\/a> office sales were down more than $380 million, decreasing 12% Y-o-Y. Nevertheless, approximately $2.8 billion in office properties changed hands in Q4 2019 with an average price per square foot of $875.<\/p>\n\n\n\n<p>Specifically, nearly 3.3 million square feet of office space\nwas sold in the last three months of 2019\u2014a 17% decline compared to the same\ntime period last year; however, quarter-over-quarter numbers were up 5.7%.\n<\/p>\n\n\n<p>Specifically, nearly 3.3 million square feet of office space was sold in the last three months of 2019\u2014a 17% decline compared to the same time period last year; however, quarter-over-quarter numbers were up 5.7%.<\/p>\n<div class=\"infogram-embed\" data-id=\"e9644a90-5eba-4f55-916b-8d2593d22a90\" data-type=\"interactive\" data-title=\"Q4 2019 Manhattan - Sales Volume vs. Deals\">&nbsp;<\/div>\n<p><script>!function(e,i,n,s){var t=\"InfogramEmbeds\",d=e.getElementsByTagName(\"script\")[0];if(window[t]&&window[t].initialized)window[t].process&&window[t].process();else if(!e.getElementById(n)){var o=e.createElement(\"script\");o.async=1,o.id=n,o.src=\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\",d.parentNode.insertBefore(o,d)}}(document,0,\"infogram-async\");<\/script><\/p>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Q4_Closed_Most_Office_Deals_in_2019\"><\/span>Q4 Closed Most Office Deals in 2019<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A total of 13 office deals were sealed in Manhattan in the\nfourth quarter of 2019. The largest of these was the sale of 330 Madison Avenue\nin Midtown, which Munich Re purchased from Abu Dhabi Investment Authority for\n$875 million in December.<\/p>\n\n\n\n<p>Other major deals include the $365 million sale of 589 5th\nAvenue and the $270 million sale of 175 Water Street.<\/p>\n\n\n<div class=\"infogram-embed\" data-id=\"00214351-16b4-4dc6-a7fe-a1df3173b79e\" data-type=\"interactive\" data-title=\"Q4 2019 Manhattan Average&nbsp;Price per Square Foot\"><\/div>\n<p><script>!function(e,i,n,s){var t=\"InfogramEmbeds\",d=e.getElementsByTagName(\"script\")[0];if(window[t]&&window[t].initialized)window[t].process&&window[t].process();else if(!e.getElementById(n)){var o=e.createElement(\"script\");o.async=1,o.id=n,o.src=\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\",d.parentNode.insertBefore(o,d)}}(document,0,\"infogram-async\");<\/script><\/p>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Class_A_Office_Space_Closes_Q4_with_10630_Asking_Price\"><\/span>Class A+ Office Space Closes Q4 with $106.30 Asking Price<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Asking rents increased across all office types last quarter.\nFor full-service office leases, asking rents reached an average of $84.95 per\nsquare foot across the board, up 2.7% since September. However, Class B office\nspaces enjoyed the largest increase in rents; they rose 5% to $65.29 per square\nfoot.<\/p>\n\n\n<div class=\"infogram-embed\" data-id=\"df310372-242a-4830-a67d-7b7d66ddd635\" data-type=\"interactive\" data-title=\"Q4 2019 Manhattan Lease Rate Trend\">&nbsp;<\/div>\n<p><script>!function(e,i,n,s){var t=\"InfogramEmbeds\",d=e.getElementsByTagName(\"script\")[0];if(window[t]&&window[t].initialized)window[t].process&&window[t].process();else if(!e.getElementById(n)){var o=e.createElement(\"script\");o.async=1,o.id=n,o.src=\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\",d.parentNode.insertBefore(o,d)}}(document,0,\"infogram-async\");<\/script><\/p>\n\n\n<p>Class A+ asking rents rose 3.6% since the end of September\u2014finishing\nat $106.30 per square foot\u2014while Class A office spaces increased 2.7% to $75.06\nper square foot by the end of the year. Rents for Class C office type spaces\nincreased 2.3%.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Office_Vacancy_Hits_78_to_Close_Out_2019\"><\/span>Office Vacancy Hits 7.8% to Close Out 2019<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Overall office vacancy closed Q4 at 7.8%, up from 7.1% during\nthe previous quarter. The most notable increase in occupancy was seen in Class\nC office spaces, where occupancy reached 94.2%.<\/p>\n\n\n<div class=\"infogram-embed\" data-id=\"74a275af-75e9-4ec6-b1a4-656f1efeacf4\" data-type=\"interactive\" data-title=\"Q4 2019 Manhattan Office Vacancy Rate\"><\/div>\n<p><script>!function(e,i,n,s){var t=\"InfogramEmbeds\",d=e.getElementsByTagName(\"script\")[0];if(window[t]&&window[t].initialized)window[t].process&&window[t].process();else if(!e.getElementById(n)){var o=e.createElement(\"script\");o.async=1,o.id=n,o.src=\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\",d.parentNode.insertBefore(o,d)}}(document,0,\"infogram-async\");<\/script><\/p>\n\n\n<p>Similarly, Class A+ properties went from 5.4% to 6.6% vacancy,\nwhile vacancy for Class A office spaces increased from 8.6% to 8.9%. Class B\noffices reached a 92.5% occupancy rate.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"One_Manhattan_West_Comes_Online_in_Q4_29_Million_Square_Feet_to_Be_Delivered_in_Q1\"><\/span>One Manhattan West Comes Online in Q4, 2.9 Million Square Feet to Be Delivered in Q1  <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Two office projects were completed in Manhattan in October\n2019. One of the two was One Manhattan West, a two-million-square-foot\nhigh-rise in Chelsea. Brookfield Properties owns the building and leasing is\nhandled by Cushman &amp; Wakefield.<\/p>\n\n\n\n<p>The other development is 35 Hudson Yards, a 557,000-square-foot tower also located in Chelsea; the trophy building, which has 72 floors and a Class A+ rating, is owned and managed by Related Companies.<\/p>\n\n\n\n<p>Deliveries in the current quarter include the\n1.1-million-square-foot David H. Koch Center for Cancer Care, which was just\ncompleted in January. Other large projects due in Q1 are Pier 57 in February\nand 25 Park Row, Trinity Commons and The Malt House in March.<\/p>\n\n\n\n<p>Smaller office developments pending in Q1 include 330 East\n62nd Street, 60 Charlton Street, The Warehouse and 44 Union Square.<\/p>\n\n\n<div class=\"infogram-embed\" data-id=\"f8046ec6-688c-41c7-8283-e872b8e1c914\" data-type=\"interactive\" data-title=\"Q4 2019 Manhattan Office Pipeline\"><\/div>\n<p><script>!function(e,i,n,s){var t=\"InfogramEmbeds\",d=e.getElementsByTagName(\"script\")[0];if(window[t]&&window[t].initialized)window[t].process&&window[t].process();else if(!e.getElementById(n)){var o=e.createElement(\"script\");o.async=1,o.id=n,o.src=\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\",d.parentNode.insertBefore(o,d)}}(document,0,\"infogram-async\");<\/script><\/p>\n\n\n<p><strong>Methodology<\/strong><\/p>\n\n\n\n<p><em>For this report, we used detailed Yardi Matrix data to\nanalyze all office transactions with price tags equal to or exceeding $5\nmillion that closed in Manhattan during the fourth quarter of 2019.<\/em><\/p>\n\n\n\n<p><em>Our sales analysis\u2014based on data recorded through January\n10, 2020\u2014includes completed office buildings equal to or larger than 50,000\nsquare feet that changed owners during the quarter. In the case of mixed-use\nassets, only properties featuring more than 50% office space were taken into\naccount.<\/em><\/p>\n\n\n\n<p><em>Portfolio deals were evaluated as single transactions;\ndistressed sales were excluded altogether.<\/em><\/p>\n\n\n\n<p><em>To ensure the trends and comparisons presented in our\nanalysis were valid, we excluded portfolio, partial interest and ground lease\ndeals from our calculation of the average price per square foot.<\/em><\/p>\n\n\n\n<p><em>Lease rate, vacancy and coworking space data refers to\nbuildings equal to or larger than 25,000 square feet. Lease rates listed were\naveraged to the asking full-service-equivalent rents per square foot for spaces\nrecorded in Yardi Matrix as \u201cavailable\u201d through January 10.<\/em><em>While every effort was made to ensure the\ntimeliness and accuracy of the information presented in this report, the\ninformation is provided \u201cas is\u201d and neither COMMERCIALCaf\u00e9 nor Yardi Matrix can\nguarantee that the information provided is complete.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Manhattan office sales dropped 12% year-over-year (Y-o-Y), with total volume dipping under $2.8 billion. Quarter-over-quarter, Manhattan sales decreased by more than $1 billion, despite gaining traction in Q3. Highlights: Year-over-year, the average price per square foot increased to $875. About 3.3 million square feet of office space was traded in Q4 2019, down 17% compared&hellip;<\/p>\n","protected":false},"author":59,"featured_media":37185,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8245,328],"tags":[11171],"class_list":["post-37165","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-studies","category-new-york-real-estate","tag-old-study"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Office Sales in Manhattan Drop 12% Y-o-Y in Q4 2019 - PropertyShark Real Estate Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2020\/02\/20\/office-sales-in-manhattan-drop-12-y-o-y-in-q4-2019\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Office Sales in Manhattan Drop 12% Y-o-Y in Q4 2019\" \/>\n<meta property=\"og:description\" content=\"Manhattan office sales dropped 12% year-over-year (Y-o-Y), with total volume dipping under $2.8 billion. Quarter-over-quarter, Manhattan sales decreased by more than $1 billion, despite gaining traction in Q3. Highlights: Year-over-year, the average price per square foot increased to $875. About 3.3 million square feet of office space was traded in Q4 2019, down 17% compared&hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2020\/02\/20\/office-sales-in-manhattan-drop-12-y-o-y-in-q4-2019\/\" \/>\n<meta property=\"og:site_name\" content=\"PropertyShark Real Estate Blog\" \/>\n<meta property=\"article:published_time\" content=\"2020-02-20T09:10:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-04-10T11:16:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Manhattan-Q4-office-sales.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Robert Demeter\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Robert Demeter\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Office Sales in Manhattan Drop 12% Y-o-Y in Q4 2019 - PropertyShark Real Estate Blog","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2020\/02\/20\/office-sales-in-manhattan-drop-12-y-o-y-in-q4-2019\/","og_locale":"en_US","og_type":"article","og_title":"Office Sales in Manhattan Drop 12% Y-o-Y in Q4 2019","og_description":"Manhattan office sales dropped 12% year-over-year (Y-o-Y), with total volume dipping under $2.8 billion. Quarter-over-quarter, Manhattan sales decreased by more than $1 billion, despite gaining traction in Q3. Highlights: Year-over-year, the average price per square foot increased to $875. About 3.3 million square feet of office space was traded in Q4 2019, down 17% compared&hellip;","og_url":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2020\/02\/20\/office-sales-in-manhattan-drop-12-y-o-y-in-q4-2019\/","og_site_name":"PropertyShark Real Estate Blog","article_published_time":"2020-02-20T09:10:14+00:00","article_modified_time":"2025-04-10T11:16:28+00:00","og_image":[{"width":1920,"height":1280,"url":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Manhattan-Q4-office-sales.jpg","type":"image\/jpeg"}],"author":"Robert Demeter","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Robert Demeter","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2020\/02\/20\/office-sales-in-manhattan-drop-12-y-o-y-in-q4-2019\/","url":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2020\/02\/20\/office-sales-in-manhattan-drop-12-y-o-y-in-q4-2019\/","name":"Office Sales in Manhattan Drop 12% Y-o-Y in Q4 2019 - PropertyShark Real Estate Blog","isPartOf":{"@id":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2020\/02\/20\/office-sales-in-manhattan-drop-12-y-o-y-in-q4-2019\/#primaryimage"},"image":{"@id":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2020\/02\/20\/office-sales-in-manhattan-drop-12-y-o-y-in-q4-2019\/#primaryimage"},"thumbnailUrl":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Manhattan-Q4-office-sales.jpg","datePublished":"2020-02-20T09:10:14+00:00","dateModified":"2025-04-10T11:16:28+00:00","author":{"@id":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/#\/schema\/person\/1b890baecdbd25af52e3a730ac8cff6f"},"breadcrumb":{"@id":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2020\/02\/20\/office-sales-in-manhattan-drop-12-y-o-y-in-q4-2019\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2020\/02\/20\/office-sales-in-manhattan-drop-12-y-o-y-in-q4-2019\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2020\/02\/20\/office-sales-in-manhattan-drop-12-y-o-y-in-q4-2019\/#primaryimage","url":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Manhattan-Q4-office-sales.jpg","contentUrl":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2020\/02\/Manhattan-Q4-office-sales.jpg","width":1920,"height":1280},{"@type":"BreadcrumbList","@id":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2020\/02\/20\/office-sales-in-manhattan-drop-12-y-o-y-in-q4-2019\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/"},{"@type":"ListItem","position":2,"name":"Office Sales in Manhattan Drop 12% Y-o-Y in Q4 2019"}]},{"@type":"WebSite","@id":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/#website","url":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/","name":"PropertyShark Real Estate Blog","description":"Market Reports for Real Estate Writers","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/#\/schema\/person\/1b890baecdbd25af52e3a730ac8cff6f","name":"Robert Demeter","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/f2e4ddc660cf0d4243b4032a150ba1b9a1933224e3dacd59315bee8b1869a756?s=96&d=retro&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/f2e4ddc660cf0d4243b4032a150ba1b9a1933224e3dacd59315bee8b1869a756?s=96&d=retro&r=g","caption":"Robert Demeter"},"description":"Robert is a copywriter at CommercialCafe and brings 3+ years of experience in commercial real estate. 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