Manhattan’s office sector continued to defy national trends. The nation’s largest office market also continues to lead in office investment volume, sale prices, and rents.
Investor appetite in Manhattan surged, with a 111.9 percent year-over-year increase as the metro recorded $5.5 billion in sales, and properties trading at $530 per square foot—the highest average among the top 25 office markets in the country.
RXR’s $1.1 billion purchase of 590 Madison Avenue marked the first office sale in New York City to surpass the $1 billion threshold in three years.
Commercial Property Executive Article
