Regional Summaries

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New York, NY

Vacancy ended 2017 at by far the highest level Reis has recorded for New York CityÂ’s 206,154-unit market-rate, investment grade apartment market. Reis reports a vacancy rate of 5.5% for the fourth quarter of 2017, up 210 basis points over the year and up 90 during the fourth quarter alone. The surge of late 2017 completions caused rents to fall. The average asking rent was down 0.1% to $3,587 per month, and the average effective rent was down 0.4% to $3,434 per month. Concessions are surging, though face rents continue to rise on an annual basis. In 2016, the average asking rent edged up 0.1%, but the average effective rent fell 0.7%. In 2017, the average asking rent increased 2.4%, but the average effective rent rose just 0.2%. VIEW APARTMENT LISTINGS >
Rent gains slowed in 2017 in the 359-million-square-foot Manhattan general purpose, multi-tenant office market, and office investment sales slowed as well. Reis reports a vacancy rate of 8.7% in Manhattan in the fourth quarter of 2017, down 30 basis points over the year but essentially unchanged for the quarter alone. In 2017, the rent increases were just 0.6% asking and 0.7% effective to $71.37 psf and $59.08 psf, respectively. And most of that gain was in the first quarter, when rents increased 0.4% by both measures. In the fourth quarter, the asking average fell 0.1%, and the effective average was unchanged. VIEW OFFICE LISTINGS >

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Source: Data provided by Reis, inc.

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