{"id":11122,"date":"2017-07-17T13:36:01","date_gmt":"2017-07-17T13:36:01","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=11122"},"modified":"2026-04-07T15:19:19","modified_gmt":"2026-04-07T12:19:19","slug":"manhattan-q2-report-office-sales-market-gaining-traction","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/manhattan-q2-report-office-sales-market-gaining-traction\/","title":{"rendered":"Manhattan Q2 Report &#8211; Office Sales Market Gaining Traction"},"content":{"rendered":"<h4>Executive Summary<\/h4>\n<ul>\n<li><a href=\"#salesvolume\">Q2 sales volume drops 57% year-over-year<\/a><\/li>\n<li><a href=\"#averageprice\">average price per square foot tops $1,000 mark&#8211;again<\/a><\/li>\n<li><a href=\"#largestsales\">Park Avenue trophy asset trades in largest sale of Q2 ($2.2B)<\/a><\/li>\n<li><a href=\"#underway\" target=\"_blank\" rel=\"noopener noreferrer\">7 projects totaling 2.8 million square feet in the pipeline for Q3<\/a><\/li>\n<\/ul>\n<p>The <a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ny\/manhattan\/\" target=\"_blank\" rel=\"noopener noreferrer\">Manhattan office market<\/a>\u00a0seems to be picking up steam as the year advances. The average price per square foot for office buildings trading in the borough is once again on the rise, even though the year&#8217;s second quarter failed to reach previous Q2 levels in terms of total sales volume. No major office projects came online in the quarter, but various large developments are in the pipeline for Q3 and are likely to draw investor interest\u00a0over the coming months.<\/p>\n<h2 id=\"salesvolume\">Q2 Sales Volume Drops 57% Y-o-Y<\/h2>\n<p>The year started off slow, with a total of nine major office deals closing in Q1 in Manhattan for a total of $2 billion. Yet while the market seems to have picked up the pace\u00a0in the second\u00a0quarter, it still lags previous years\u2019 numbers. Office sales volume dropped 57% year-over-year in Q2, and was 45% below Q2 2015 levels, though such fluctuation is not unusual and the previous couple of years were somewhat of an anomaly. After reaching new heights in terms of sale prices in 2015, the Manhattan sales market\u00a0might just be returning to a more sustainable level.<\/p>\n<p>The Manhattan office market\u00a0saw seven\u00a0deals close in the year\u2019s second quarter, totaling $3.8 billion in sales volume. Despite the year-over-year drop, <a href=\"https:\/\/www.yardimatrix.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Yardi Matrix<\/a> and <a href=\"https:\/\/www.propertyshark.com\/mason\/\" target=\"_blank\" rel=\"noopener noreferrer\">PropertyShark<\/a> data points to an 89% increase in total sales volume from Q1 to Q2 2017,\u00a0signaling that the tides might be turning and the market might\u00a0build up\u00a0in\u00a0the following months.<\/p>\n<div class=\"infogram-embed\" data-id=\"q2_2017_manhattan\" data-type=\"interactive\" data-title=\"Q2 2017 Manhattan\"><\/div>\n<p><script>!function(e,t,s,i){var n=\"InfogramEmbeds\",o=e.getElementsByTagName(\"script\"),d=o[0],r=\/^http:\/.test(e.location)?\"http:\":\"https:\";if(\/^\\\/{2}\/.test(i)&&(i=r+i),window[n]&&window[n].initialized)window[n].process&&window[n].process();else if(!e.getElementById(s)){var a=e.createElement(\"script\");a.async=1,a.id=s,a.src=i,d.parentNode.insertBefore(a,d)}}(document,0,\"infogram-async\",\"\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\");<\/script><\/p>\n<h2 id=\"averageprice\">Average Price per Square Foot\u00a0Tops the $1,000 Mark Again<\/h2>\n<p>The average price per square foot for a Manhattan\u00a0office property increased 6%\u00a0year-over-year in Q2 2017, from $978 to $1,037. Prices are nearing\u00a0the high values recorded in 2016, when the market peaked and trophy office assets traded for as much as $1,212 per square foot.<\/p>\n<p>Furthermore, the average price in Q2 rose nearly 40% compared to the year\u2019s first quarter, when it rested at $743. This growth can be partly attributed to the $2.2 billion sale of <a href=\"https:\/\/www.commercialcafe.com\/commercial-property\/us\/ny\/new-york\/245-park-avenue\/\" target=\"_blank\" rel=\"noopener noreferrer\">245 Park Ave.<\/a> in May, which pushed average prices\u00a0higher.\u00a0After a sluggish start in Q1, buyer interest is piqued\u00a0again, and\u00a0Manhattan\u00a0remains\u00a0the most desirable and expensive office market in the country.<\/p>\n<div class=\"infogram-embed\" data-id=\"manhattan___average_sales_price_q2_2017\" data-type=\"interactive\" data-title=\"Manhattan - Average Sales Price Q2 2017\"><\/div>\n<p><script>!function(e,t,s,i){var n=\"InfogramEmbeds\",o=e.getElementsByTagName(\"script\"),d=o[0],r=\/^http:\/.test(e.location)?\"http:\":\"https:\";if(\/^\\\/{2}\/.test(i)&&(i=r+i),window[n]&&window[n].initialized)window[n].process&&window[n].process();else if(!e.getElementById(s)){var a=e.createElement(\"script\");a.async=1,a.id=s,a.src=i,d.parentNode.insertBefore(a,d)}}(document,0,\"infogram-async\",\"\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\");<\/script><\/p>\n<h2 id=\"largestsales\">Park Avenue Trophy Asset Changes Hands for $2.2B<\/h2>\n<p>There were seven\u00a0major office deals closed in Manhattan\u00a0in the second quarter of 2017, totaling $3.79 billion. The largest deal of Q2 managed to top the $2 billion mark&#8211;245 Park Ave. sold to HNA Group in May for $2.21 billion. The\u00a0other six sales all closed well below $1 billion, amounting to a combined sales volume of $1.58 billion.<\/p>\n<div class=\"infogram-embed\" data-id=\"new_york_q2_2017\" data-type=\"interactive\" data-title=\"Manhattan Q2 2017\"><\/div>\n<p><script>!function(e,t,s,i){var n=\"InfogramEmbeds\",o=e.getElementsByTagName(\"script\"),d=o[0],r=\/^http:\/.test(e.location)?\"http:\":\"https:\";if(\/^\\\/{2}\/.test(i)&&(i=r+i),window[n]&&window[n].initialized)window[n].process&&window[n].process();else if(!e.getElementById(s)){var a=e.createElement(\"script\");a.async=1,a.id=s,a.src=i,d.parentNode.insertBefore(a,d)}}(document,0,\"infogram-async\",\"\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\");<\/script><\/p>\n<div id=\"attachment_11137\" style=\"width: 250px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/07\/8863.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-11137\" class=\"wp-image-11137 size-medium\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/07\/8863-240x300.jpg\" alt=\"245 Park Ave., Manhattan (Yardi Matrix)\" width=\"240\" height=\"300\" \/><\/a><p id=\"caption-attachment-11137\" class=\"wp-caption-text\"><em>245 Park Ave., Manhattan (Yardi Matrix)<\/em><\/p><\/div>\n<p>The largest transaction of the quarter was the $2.2 billion sale of 245 Park Ave. in <a href=\"https:\/\/www.commercialcafe.com\/coworking-space\/us\/ny\/manhattan-market\/plaza-district-submarket\/\" target=\"_blank\" rel=\"noopener\">Manhattan\u2019s Plaza District<\/a>. China-based HNA Group snatched the 45-story, 1.8 million-square-foot office tower from Brookfield Properties in May 2017. The sale was subject to a $508 million loan funded by JPMorgan Chase, Natixis, Deutsche Bank, Barclays and Societe Generale, per Yardi Matrix data. Completed in 1966, the LEED Gold-certified tower is home to high-profile tenants such as Pioneer Financial, Northwestern Mutual, Angelo, Gordon &amp; Co., Regus, JPMorgan Chase and Societe Generale.<\/p>\n<div id=\"attachment_11075\" style=\"width: 250px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/07\/85-broad-St.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-11075\" class=\"wp-image-11075 size-medium\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/07\/85-broad-St-240x300.jpg\" alt=\"85 broad St, Manhattan (via Yardi Matrix)\" width=\"240\" height=\"300\" \/><\/a><p id=\"caption-attachment-11075\" class=\"wp-caption-text\">85 broad St, Manhattan (via Yardi Matrix)<\/p><\/div>\n<p>The second-largest office deal of Q2 2017 was the <a href=\"https:\/\/www.commercialcafe.com\/blog\/ivanhoe-cambridge-callahan-capital-grab-650m-manhattan-office-gem\/\" target=\"_blank\" rel=\"noopener noreferrer\">$652 million sale<\/a> of 85 Broad St. to Ivanhoe Cambridge. The Canada-based firm partnered with Callahan Capital Properties of Chicago to acquire the 30-story, Class A tower from MetLife Real Estate Investments. Built in 1983 as the headquarters of Goldman Sachs, the 1.2 million-square-foot property houses tenants such as WeWork, MLA and JLL.\u00a0Ivanhoe Cambridge <a href=\"https:\/\/www.commercialcafe.com\/blog\/ivanhoe-cambridge-secures-green-bond-85-broad-street\/\" target=\"_blank\" rel=\"noopener noreferrer\">recently secured<\/a> $72 million worth of green bonds for the tower from Natixis.<\/p>\n<h2>2.8 Million\u00a0Square Feet of Office Space Scheduled for Delivery in Q3<\/h2>\n<p><iframe loading=\"lazy\" src=\"https:\/\/corinat.carto.com\/builder\/f6f4cf00-6805-4d6e-9b9d-8f2e6a5d9ad6\/embed\" width=\"100%\" height=\"520\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<div id=\"attachment_12728\" style=\"width: 250px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/08\/10809.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-12728\" class=\"wp-image-12728 size-medium\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/08\/10809-240x300.jpg\" alt=\"One SoHo Square, Manhattan (via Yardi Matrix)\" width=\"240\" height=\"300\" \/><\/a><p id=\"caption-attachment-12728\" class=\"wp-caption-text\">One SoHo Square, Manhattan (via Yardi Matrix)<\/p><\/div>\n<p>Seven large office properties totaling 2.75 million square feet\u00a0are currently underway in Manhattan, scheduled for delivery in the year&#8217;s third quarter. The largest project in the pipeline\u00a0is <a href=\"https:\/\/www.commercialcafe.com\/commercial-property\/us\/ny\/new-york\/one-soho-square\/\" target=\"_blank\" rel=\"noopener noreferrer\">One Soho Square<\/a>, currently rising at <a href=\"https:\/\/www.commercialcafe.com\/commercial-property\/us\/ny\/new-york\/one-soho-square\/\">233 Spring St.<\/a> in the <a href=\"https:\/\/www.commercialcafe.com\/commercial-real-estate\/us\/ny\/manhattan\/hudson-square\/\" target=\"_blank\" rel=\"noopener noreferrer\">Hudson Square<\/a> submarket. Owned by Stellar Management and designed by Gensler, the 768,000-square-foot spec development comprises two 13- and 15-story buildings featuring office and first-floor retail space, scheduled for completion in September. The project, which is expected to earn LEED certification from the USGBC, also features a 26,079-square-foot showroom. Tenants already committed to One Soho Square\u00a0include Trader Joe&#8217;s, MAC Cosmetics, Glossier and Cineflix Enterprises.<\/p>\n<p>Another notable project currently underway is the makeover of the <a href=\"https:\/\/www.commercialcafe.com\/commercial-property\/us\/ny\/new-york\/375-pearl-street\/\" target=\"_blank\" rel=\"noopener noreferrer\">Verizon Building<\/a> at <a href=\"https:\/\/www.commercialcafe.com\/commercial-property\/us\/ny\/new-york\/375-pearl-street\/\">375 Pearl St.<\/a>, at the Manhattan end of the Brooklyn Bridge. Originally built in 1975, the 32-story building owned by Sabey is undergoing a long-awaited revamp. Upon completion, the tower&#8217;s limestone facade will be traded for floor-to-ceiling glass curtain walls, and the building will be used as office space and data storage.<\/p>\n<p><em>CommercialCafe provides you with the tools you need to find the space that matches your company\u2019s needs. Browse the latest office listings in your preferred location and filter results by space type, size or asking price:<\/em><\/p>\n\n<table id=\"tablepress-42\" class=\"tablepress tablepress-id-42\">\n<tbody>\n<tr class=\"row-1\">\n\t<td class=\"column-1\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/tx\/dallas\/\" rel=\"noopener\" target=\"_blank\">Office space in Dallas<\/a><\/td><td class=\"column-2\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/nv\/las-vegas\/\" rel=\"noopener\" target=\"_blank\">Office space in Las Vegas<\/a><\/td><td class=\"column-3\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/fl\/fort-lauderdale\/\" rel=\"noopener\" target=\"_blank\">Office space in Fort Lauderdale<\/a><\/td>\n<\/tr>\n<tr class=\"row-2\">\n\t<td class=\"column-1\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/tx\/fort-worth\/\" rel=\"noopener\" target=\"_blank\">Office space in Fort Worth<\/a><\/td><td class=\"column-2\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/co\/denver\/\" rel=\"noopener\" target=\"_blank\">Office space in Denver<\/a><\/td><td class=\"column-3\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/fl\/west-palm-beach\/\" rel=\"noopener\" target=\"_blank\">Office space in West Palm Beach<\/a><\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/fl\/miami\/\" rel=\"noopener\" target=\"_blank\">Office space in Miami<\/a><\/td><td class=\"column-2\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/pa\/philadelphia\/\" rel=\"noopener\" target=\"_blank\">Office space in Philadelphia<\/a><\/td><td class=\"column-3\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ca\/santa-clara-county\/san-jose\/\" rel=\"noopener\" target=\"_blank\">Office space in San Jose<\/a><\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/az\/phoenix\/\" rel=\"noopener\" target=\"_blank\">Office space in Phoenix<\/a><\/td><td class=\"column-2\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ca\/san-diego\/\" rel=\"noopener\" target=\"_blank\">Office space in San Diego<\/a><\/td><td class=\"column-3\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/tx\/bexar-county\/san-antonio\/\" rel=\"noopener\" target=\"_blank\">Office space in San Antonio<\/a><\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/oh\/cincinnati\/\" rel=\"noopener\" target=\"_blank\">Office space in Cincinnati<\/a><\/td><td class=\"column-2\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ca\/sacramento\/\" rel=\"noopener\" target=\"_blank\">Office space in Sacramento<\/a><\/td><td class=\"column-3\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/in\/indianapolis\/\" rel=\"noopener\" target=\"_blank\">Office space in Indianapolis<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-42 from cache -->\n<h2>Methodology<\/h2>\n<ul>\n<li><em>Square footage parameters &#8211; over 50,000 square feet;<\/em><\/li>\n<li><em>Minimum amount per transaction &#8211; $5,000,000;<\/em><\/li>\n<li><em>Transactions recorded until July 3rd, 2017;<\/em><\/li>\n<li><em>We excluded &#8216;ownership stake,&#8217; &#8216;ground lease&#8217; and &#8216;portfolio&#8217; transactions in our calculation of the average price per square foot;<\/em><\/li>\n<li><em>Data sources: Yardi Matrix, PropertyShark (<a href=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/07\/Manhattan_Q2_2017_Report-1.xlsx\" target=\"_blank\" rel=\"noopener\">download raw data<\/a>).<\/em><\/li>\n<\/ul>\n<p>By Ioana Neamt<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Executive Summary Q2 sales volume drops 57% year-over-year average price per square foot tops $1,000 mark&#8211;again Park Avenue trophy asset trades in largest sale of Q2 ($2.2B) 7 projects totaling 2.8 million square feet in the pipeline for Q3 The Manhattan office market\u00a0seems to be picking up steam as the year advances. The average price&hellip;<\/p>\n","protected":false},"author":529,"featured_media":11124,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37,42,38,39],"tags":[],"class_list":["post-11122","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-market-reports","category-deals","category-office","wpautop"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Manhattan Q2 Report - Office Sales Market Gaining Traction - CommercialCafe<\/title>\n<meta name=\"description\" content=\"NYC&#039;s office sales market showed encouraging signs in Q2, with rising transaction volumes and renewed buyer confidence across Manhattan.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialcafe.com\/blog\/manhattan-q2-report-office-sales-market-gaining-traction\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Manhattan Q2 Report - 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