#Office investment sales remain halted in the first quarter, with only $400 million in total #sales. That’s a decrease of nearly 90% compared to the first quarter of 2020, when $3.8 billion in deals was recorded.

#Office availability rate climbed to 16.5%, the highest it’s been,up from 10.3% in April 2020. #Leasing activity is increasing as companies are looking for & evaluating their space needs.About 980,000 sf of leases were signed last month,down 46% from March % 27% from a yr ago.

#Retail has “all of a sudden become very active” as more people get comfortable with the idea of coming back to the office. Street traffic has risen dramatically and is now 25-30% precovid levels.

NYC’s investment sales market hit a new low in the 1st qrtr of 2021.Total dollar volume of deals recorded in the 1st qrtr was $1.84 billion, down 75% compared from the same period last year, & down 67% from the fourth quarter of 2020. I

#Manhattan office: Availability rate was 17%, down 0.1% from high May figure of 17.1%.Only 21.4% of Manhattan #office workers were going to offices as of June 23. #Office tours have increased to levels before Covid lockdowns, as companies consider options for the coming months.

#Manhattan #Retail: Statue of Liberty visits were up 22%, Museum of Modern Art increased by 65% over the last 11 weeks. This bodes well for retail demand, as tourists return to NYC and office workers return to their New York apartments and jobs in September.

#Manhattan #Building Sales: Office investment sales had total sales for the second quarter of $1.6 billion, quadruple the record-low amount during the first quarter.

#Office Delta variant has caused return to office to be delayed until January. The Manhattan office vacancy rate last month was 17.1%, matching a record high set in May. The average asking rent was $72.72 per square foot, down 8% from a year ago & lowest level since 2017.

#Buildings Sales: Investment sales doubled in dollar volume from a year ago, but was still well below 2019's second quarter, when nearly $10 billion were closed.

#Retail, Foot traffic has increased, but still lower than pre-COVID-19 levels. Madison Ave is at 71% of regular foot traffic. 5th Ave is at 92% and Soho foot traffic is 110% of its 2019 levels. Additional increases in retail traffic are expected, as more office employees return

#Retail demand is picking up as more tourists, office workers and residents come back to NYC. This #retail demand will continue to increase, as more and more people get vaccinated.

#Manhattan #Office leasing has picked up, & vacancy rates declined to 16.9% in August, down from 17.1% set in May & July. Office occupancy remains at 38% in NYC. Workers’ return-to-office plans have been disrupted by an increase in COVID-19 cases driven by the Delta variant.

#Investment #sales remain 2.2% below a year ago. Google’s purchase of St John terminal was a huge vote for the long-term demand of office space in #NYC. #Hotel buildings have traded at a discount, as #tourism and business travel are still slow.

#Manhattan office market leasing plummeted 43%, as tenants rented 4.9 M SF in 2022, lowest qtr total since the 2nd qtr of 2021. 76% of office occupants moved to another Class A property or upgraded to a Class A bldg. There were 190 leases for $100 sf last year.

Retail vacancies declined from 229 available spaces to 222. Retail rents improved modestly, up 1.2% from the third qtr & 2.9% year-over-year.2.5 million sf was leased in the last 12 months.11.6% above 2021 levels but current qrtr leasing volume was down 9.7%, from prev qtr

The health of #Manhattan’s office market continued to decline in 2022, as return-to-office initiatives fizzled yet again & hybrid workplaces became the new normal. Office leasing activity plunged yr-over-yr in the fourth quarter, ending 2022 more than 30% lower than last qtr.

#Retail was quiet.Tenants are relocating to get better deals. #Office investment sales have plummeted. Manhattan saw $1 billion in sales volume in the 4th qtr, an 85% decline from 2021. It was the largest annual decrease in five years. The median sale price was $725 per sf, down

1.4 million sf of #office leases were signed in Manhattan, a 43% decrease from a yr ago.17.0% of offices are vacant. Asking rents remain high but LL have increased concessions so tenants are getting a lower net price.Landlords are desperate to fill their vacant spaces.

#Retail The apparel industry signed 27 leases for 243,000 square feet. LVMH took 43,000 square feet at 4 East 57th Street. Food and beverage companies had more than a dozen more deals than apparel, but for roughly 100,000 fewer square feet overall.

#Sales: Investors remained mostly on the sidelines for the quarter, totaling $980 million — an 85% year-over-year decline. To read full report go to optimalspaces.com