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New York, NY

Apartment
New York City ended 2016 with the second-most new apartment units Reis has recorded in a year in a database going back to 1980, lifting the inventory to about 192,500 market-rate, investment grade units. Reis reports a vacancy rate of 3.3% in the fourth quarter of 2016, up 10 basis points for the period and up 40 from the fourth quarter of 2015. For only the third time in the history of the Reis database, the firm recorded an annual rent decline in 2016. Although the average asking rent edged up 0.2% for the year to $3,493 per month, the average effective rent fell 0.4% to $3,423 per month. Rents fell by 0.3% asking and 0.2% effective in the fourth quarter. VIEW APARTMENT LISTINGS >
Office
A development cycle is ongoing in the 358.2-million-square-foot Manhattan general purpose, multi-tenant office market, but it continues to be exceeded by inventory decreases. Reis reports a vacancy rate of 9.0% in Manhattan in the fourth quarter of 2016, down 20 basis points during the year and down 10 during the fourth quarter. In 2016, the average asking rent increased just 2.0% to $70.99 psf, and the average effective rent increased 2.2% to $58.69 psf. Most of that increase took place in the first quarter. The fourth quarter gain was just 0.1% by both measures. VIEW OFFICE LISTINGS >

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Source: Data provided by Reis, inc.

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