Regional Summaries

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New York, NY

According to Reis, the New York City 195,000 market-rate, investment grade apartment market reports a vacancy rate of 3.6% for the first quarter of 2017, up 30 basis points for the period and up 50 from the first quarter of 2016. The surprising decrease in effective rents recorded for 2016 carried over into early 2017, with asking rents falling as well. The average asking rent was down 0.5% for the quarter to $3,471 per month, and the average effective rent fell 0.7% to $3,395 per month. Asking rents, which managed a slight increase in 2016, are now down 0.3% year-over-year, and effective rents are down 0.6%. VIEW APARTMENT LISTINGS >
The 358.5-million-square-foot Manhattan general purpose, multi-tenant office market got off to a strong start in the first quarter of 2017, as net absorption was strongly positive and rents increased. Reis reports a vacancy rate of 8.8% in Manhattan in the first quarter of 2017, down 20 basis points during the quarter and down 30 from a year earlier. According to Reis, first quarter rents increased 0.4% by both measures. Compared with a year earlier, the average asking rent is up 0.9% to $71.28 psf, and the average effective rent is up 1.0% to $58.94 psf. VIEW OFFICE LISTINGS >

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Source: Data provided by Reis, inc.

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