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New York, NY

Apartment
Supply may finally be catching up to booming demand in New York City’s 200,136-unit market-rate, investment grade apartment market. Reis reports a vacancy rate of 4.7% in the third quarter of 2017, up 90 basis points for the third quarter alone and up 160 from the third quarter of 2016. In the third quarter of 2017, the average asking rent was up 1.2% to $3,576 per month, and the average effective rent rose 0.8% to $3,464 per month. With effective rents falling in late 2016 and early 2017, the year-over-year gains are just 1.8% asking and 0.7% effective. The asking average had risen just a dollar in 2016, with the effective average down 0.6%. VIEW APARTMENT LISTINGS >
Office
The 358.9-million-square-foot Manhattan general purpose, multi-tenant office market had another strong quarter for occupancy in the third quarter of 2017, but rents barely rose for the second consecutive quarter. Reis reports a vacancy rate of 8.6% in Manhattan in the third quarter of 2017, the lowest among the markets Reis covers, down 20 basis points from the prior quarter, and down 50 from a year earlier. For the second consecutive quarter, both the average asking rent and the average effective rent edged up just 0.1%. It has been a while since rents posted a large quarterly gain, and compared with a year earlier, the average asking rent is up 0.7% to $71.42 psf, and the average effective rent is up 0.8% to $59.08 psf. VIEW OFFICE LISTINGS >

Source: Data provided by Reis, inc.

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