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Regional Summaries

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New York, NY

Apartment
New York City’s 185,531-unit market-rate, investment grade apartment market had a strong year in 2015, but with a weaker fourth quarter. Reis reports a vacancy rate of 3.1% for the fourth quarter of 2015, down 20 basis points over the year but up 30 basis points from the prior quarter. Rents posted another large increase in 2015, with the average asking rent up 5.9% to $3,495 per month and the average effective rent up 6.1% to $3,437 per month. The fourth quarter brought something of a break, as rents increased just 0.4% by both measures. VIEW APARTMENT LISTINGS >
Office
New York City’s 360-million-square-foot Manhattan general purpose, multi-tenant office market had a quiet year in 2015. Reis reports a vacancy rate of 9.1% in Manhattan in the fourth quarter, down 40 basis points over the year and down 10 from the prior quarter. During 2015, the average asking rent increased 5.7% to $67.96 psf, and the average effective rent increased 5.9% to $56.10 psf. The fourth quarter increase is 1.6% by both measures. VIEW OFFICE LISTINGS >

Source: Data provided by Reis, inc.

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