{"id":16132,"date":"2018-04-12T14:04:59","date_gmt":"2018-04-12T14:04:59","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=16132"},"modified":"2026-04-02T15:51:24","modified_gmt":"2026-04-02T12:51:24","slug":"manhattan-office-sales-volume-holds-steady-q1-even-no-foreign-buyers","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/manhattan-office-sales-volume-holds-steady-q1-even-no-foreign-buyers\/","title":{"rendered":"Manhattan Office Sales Volume Holds Steady in Q1, Even With No Foreign Buyers"},"content":{"rendered":"<h2>Executive Summary<\/h2>\n<ul>\n<li><a href=\"#salesvolume\">Office sales volume closes Q1 2018 at $4.5B<\/a><\/li>\n<li><a href=\"#averageprice\">Average prices reach 4-year high of $1,266 per square foot<\/a><\/li>\n<li><a href=\"#topdeals\">Google buys Chelsea Market in record-setting $2.4B deal<\/a><\/li>\n<li><a href=\"#deliveries\">3 WTC, 55 Hudson Yards scheduled for delivery in Q2<\/a><\/li>\n<\/ul>\n<p>Following a <a href=\"https:\/\/www.commercialcafe.com\/blog\/chinese-investors-missing-manhattan-q4-2017-office-buyers-list\/\" target=\"_blank\" rel=\"noopener\">disappointing 2017<\/a>, which marked the weakest year since 2013 in terms of sales activity in the Manhattan office market, the borough seems poised for a more fruitful 2018. The final quarter of 2017 signaled an imminent comeback for the market, even in the seeming absence of high-profile Asian investors buying prized office gems in the heart of Manhattan. The first quarter of 2018 reinforced that trend, with sales volume keeping steady and average prices reaching a new high of $1,266 per square foot. The office pipeline is also expanding, and the upcoming quarter will add new staples to the Manhattan skyline, including 3 World Trade Center and 55 Hudson Yards. Read on to see how the market fared during Q1 2018 and get a glimpse of what&#8217;s coming in the year&#8217;s second quarter.<\/p>\n<h2 id=\"salesvolume\">Office Sales Volume Keeps Steady at $4.5B, Even With No Foreign Buyers<\/h2>\n<p>After hitting an all-time low in terms of dollar volume in <a href=\"https:\/\/www.commercialcafe.com\/blog\/manhattan-office-report-q3-sales-volume-takes-tumble\/\" target=\"_blank\" rel=\"noopener\">Q3 2017<\/a>, sales activity in Manhattan bounced back during Q4 and kept the momentum going during the first quarter of 2018, <a href=\"https:\/\/www.yardimatrix.com\/\" target=\"_blank\" rel=\"noopener\">Yardi Matrix<\/a> data shows. A total of nine office deals closed for $4.5 billion during Q1 2018, marking a 126% growth year-over-year and just a 2% decrease compared to the previous quarter. While the total dollar volume recorded during the first months of the year is nowhere near the high point of Q1 2015, when 21 office properties changed hands for more than $10 billion, the market seems to be stabilizing after a series of disappointing quarters.<\/p>\n<p>It&#8217;s safe to say, at least for the time being, that fears of an office bubble bursting in Manhattan are unfounded, even with foreign buyers seemingly out of the picture \u2014 all the office assets traded in Manhattan during Q1 were acquired by U.S.-based companies (that we know of \u2014 foreign investors might still be partnering with U.S.-based companies in ventures that are not made public).<\/p>\n<div class=\"infogram-embed\" data-id=\"907850d8-7662-4c65-96e3-5f727abd1141\" data-type=\"interactive\" data-title=\"Q1 2018 Manhattan\"><\/div>\n<p><script>!function(e,t,n,s){var i=\"InfogramEmbeds\",o=e.getElementsByTagName(t)[0],d=\/^http:\/.test(e.location)?\"http:\":\"https:\";if(\/^\\\/{2}\/.test(s)&&(s=d+s),window[i]&&window[i].initialized)window[i].process&&window[i].process();else if(!e.getElementById(n)){var a=e.createElement(t);a.async=1,a.id=n,a.src=s,o.parentNode.insertBefore(a,o)}}(document,\"script\",\"infogram-async\",\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\");<\/script><\/p>\n<h2 id=\"averageprice\">Average Prices Reach 4-Year Peak of $1,266 per Square Foot<\/h2>\n<p>While the quarterly dollar volume remained on par with Q4 2017, the average price per square foot for <a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ny\/manhattan\/\" target=\"_blank\" rel=\"noopener\">office space in Manhattan<\/a> in Q1 rose 74% compared to the previous quarter. Average prices also marked a 70% year-over-year increase, reaching a four-year high of $1,266 per square foot, and more than doubled compared to the low point of Q1 2014 ($626 per square foot).<\/p>\n<p>The spike in prices, coupled with a steady sales volume, is a testament to the burgeoning appeal of the Manhattan office investment market. Perhaps the absence of offshore investors just means more investment opportunities for U.S. buyers \u2014 California-based Google closed one of the biggest office deals in New York City history in Q1, shelling out $2,181 per square foot for the property at 75 Ninth Ave. in March.<\/p>\n<div class=\"infogram-embed\" data-id=\"cb266c52-dfda-4305-b541-86e1f2122204\" data-type=\"interactive\" data-title=\"Q1 2018 Manhattan Average Price per Square Foot\"><\/div>\n<p><script>!function(e,t,n,s){var i=\"InfogramEmbeds\",o=e.getElementsByTagName(t)[0],d=\/^http:\/.test(e.location)?\"http:\":\"https:\";if(\/^\\\/{2}\/.test(s)&&(s=d+s),window[i]&&window[i].initialized)window[i].process&&window[i].process();else if(!e.getElementById(n)){var a=e.createElement(t);a.async=1,a.id=n,a.src=s,o.parentNode.insertBefore(a,o)}}(document,\"script\",\"infogram-async\",\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\");<\/script><\/p>\n<h2 id=\"topdeals\">Google Forks Over $2.4B for Chelsea Market in Q1<\/h2>\n<p>A total of 9 major office sales closed during Q1 2018 for $4.5 billion in dollar volume, marking a slight 2% decrease compared to Q4 2017. What makes the first quarter of the year stand out is the sale of the Chelsea Market building \u2014 an iconic mixed-use asset located at 75 Ninth Ave. The property rises eight stories and incorporates more than 1 million square feet of <a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ny\/new-york-city\/manhattan\/chelsea\/\" target=\"_blank\" rel=\"noopener\">Chelsea office space<\/a>. Google&#8217;s parent company, Alphabet Inc., <a href=\"https:\/\/www.commercialcafe.com\/blog\/google-snags-nycs-iconic-chelsea-market-2-4b\/\" target=\"_blank\" rel=\"noopener\">paid a whopping $2.4 billion<\/a> to purchase the building from Jamestown in March, marking the second-largest single-asset sale to ever close in NYC, according to <em><a href=\"https:\/\/therealdeal.com\/issues_articles\/will-a-tech-giants-huge-appetite-transform-a-vibrant-slice-of-manhattan\/\" target=\"_blank\" rel=\"noopener\">The Real Deal<\/a><\/em>.<\/p>\n<div id=\"attachment_34753\" style=\"width: 650px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2018\/04\/CE-Chelsea-Market-at-75-9th-Avenue-in-Manhattan.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-34753\" class=\"wp-image-34753 size-full\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2018\/04\/CE-Chelsea-Market-at-75-9th-Avenue-in-Manhattan.jpg\" alt=\"\" width=\"640\" height=\"512\" srcset=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2018\/04\/CE-Chelsea-Market-at-75-9th-Avenue-in-Manhattan.jpg 640w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2018\/04\/CE-Chelsea-Market-at-75-9th-Avenue-in-Manhattan.jpg?resize=150,120 150w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2018\/04\/CE-Chelsea-Market-at-75-9th-Avenue-in-Manhattan.jpg?resize=375,300 375w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><p id=\"caption-attachment-34753\" class=\"wp-caption-text\"><em>Chelsea Market at 75 9th Avenue in Manhattan.<\/em><\/p><\/div>\n<p>The historic Chelsea Market building was originally developed in 1934 and converted to office use in 1997, and currently incorporates 1.1 million square feet of office and retail space. Before it underwent an <a href=\"https:\/\/www.commercialcafe.com\/blog\/office-adaptive-reuse-projects\/\" target=\"_blank\" rel=\"noopener\">adaptive reuse<\/a> effort and was turned into office space, the building was home to a Nabisco (the former National Biscuit Co.) factory, and it was here that the popular Oreo cookie was first invented and produced. Nowadays, the property houses an eclectic mix of high-profile tenants, including Google, YouTube, the Food Network, and EMI. New owner Google also owns the building across the street at 111 Eighth Ave., which it acquired back in 2010 for $1.8 billion.<\/p>\n<div class=\"infogram-embed\" data-id=\"c2d73e4d-8f01-4e61-ad62-624a53a1775c\" data-type=\"interactive\" data-title=\"Top Deals of Q1 2018 in Manhattan\"><\/div>\n<p><script>!function(e,t,n,s){var i=\"InfogramEmbeds\",o=e.getElementsByTagName(t)[0],d=\/^http:\/.test(e.location)?\"http:\":\"https:\";if(\/^\\\/{2}\/.test(s)&&(s=d+s),window[i]&&window[i].initialized)window[i].process&&window[i].process();else if(!e.getElementById(n)){var a=e.createElement(t);a.async=1,a.id=n,a.src=s,o.parentNode.insertBefore(a,o)}}(document,\"script\",\"infogram-async\",\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\");<\/script><\/p>\n<h2 id=\"deliveries\">6.5 Million Square Feet of Office Space on Track for Q2 Delivery<\/h2>\n<p>The 2017 Manhattan office pipeline was bone dry, with just one project exceeding 50,000 square feet in size coming online \u2014 the Bridge at Cornell Tech on Roosevelt Island. Developers quickened the pace in the first months of 2018, and three projects were delivered to the market, totaling 1 million square feet. The largest delivery of the quarter was the property at 787 11th Ave. in the <a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ny\/manhattan\/clinton-hell-s-kitchen\/\" target=\"_blank\" rel=\"noopener\">Clinton &#8211; Hell&#8217;s Kitchen submarket<\/a>. Originally built for industrial use in 1929, the 10-story, 550,000-square-foot building was developed by The Georgetown Co. and includes a\u00a0265,000-square-foot showroom.<\/p>\n<p>The second-largest office delivery of Q1 2018 was the NYU Langone Medical Center Science Building. Encompassing 365,000 square feet of\u00a0Kips Bay office space, the 15-story building at 435 E. 30th St.,\u00a0is owned and occupied by the New York University.<\/p>\n<p>The third completion of Q1 was 413W14 &amp; 412W15 at 412 W. 15th St. in Chelsea. Developed by the Rockpoint Group, the two-building complex incorporates nearly 240,000 square feet of <a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ny\/manhattan\/midtown-manhattan\/\" target=\"_blank\" rel=\"noopener\">Midtown Manhattan office<\/a> and retail space, aims to earn LEED certification from the USGBC, and is currently home to tenants including Rag &amp; Bone and the Argo Group.<\/p>\n<div class=\"infogram-embed\" data-id=\"ecd0c6c4-5aa7-4645-8cb4-75cd065e2e21\" data-type=\"interactive\" data-title=\"Manhattan Office Completions Q1 2018\"><\/div>\n<p><script>!function(e,t,n,s){var i=\"InfogramEmbeds\",o=e.getElementsByTagName(t)[0],d=\/^http:\/.test(e.location)?\"http:\":\"https:\";if(\/^\\\/{2}\/.test(s)&&(s=d+s),window[i]&&window[i].initialized)window[i].process&&window[i].process();else if(!e.getElementById(n)){var a=e.createElement(t);a.async=1,a.id=n,a.src=s,o.parentNode.insertBefore(a,o)}}(document,\"script\",\"infogram-async\",\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\");<\/script><br \/>\nThe next quarter of 2018 looks even more promising in terms of office development, as eight new projects totaling 6.5 million square feet are scheduled for delivery in Q2. The highlight of the quarter is set to be the completion of the 2.5 million-square-foot 3 World Trade Center. The 80-story tower at 175 Greenwich St. is being developed by Silverstein Properties and is scheduled for delivery in May.<\/p>\n<p>The new skyscraper will include five floors of retail space, and share another 350,000 square feet of underground retail space with the WTC Transportation Hub. 3 WTC is subject to an 86-year unsubordinated net ground lease held by the Port Authority of New York and New Jersey, expiring in 2100, per Yardi Matrix data.<\/p>\n<div class=\"infogram-embed\" data-id=\"b5e3bb20-7a93-4183-b36e-561e7a9317e9\" data-type=\"interactive\" data-title=\"Manhattan Office Pipeline Q2 2018\"><\/div>\n<p><script>!function(e,t,n,s){var i=\"InfogramEmbeds\",o=e.getElementsByTagName(t)[0],d=\/^http:\/.test(e.location)?\"http:\":\"https:\";if(\/^\\\/{2}\/.test(s)&&(s=d+s),window[i]&&window[i].initialized)window[i].process&&window[i].process();else if(!e.getElementById(n)){var a=e.createElement(t);a.async=1,a.id=n,a.src=s,o.parentNode.insertBefore(a,o)}}(document,\"script\",\"infogram-async\",\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\");<\/script><br \/>\nAnother Q2 milestone will be the delivery of <a href=\"https:\/\/www.commercialcafe.com\/commercial-property\/us\/ny\/new-york\/55-hudson-yards\/\" target=\"_blank\" rel=\"noopener\">55 Hudson Yards<\/a>, a 1.4 million-square-foot office project located at\u00a0550 W. 34th St. in the <a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ny\/manhattan\/hudson-yards\/\" target=\"_blank\" rel=\"noopener\">Hudson Yards submarket<\/a>. The spec project spearheaded by Mitsui Fudosan America will include\u00a013,278 square feet of retail and aim for LEED Gold certification. The building is subject to a 30-year PILOT ground lease held by the New York City Industrial Development Agency, expiring in 2044.<br \/>\n<script>!function(e,t,n,s){var i=\"InfogramEmbeds\",o=e.getElementsByTagName(t)[0],d=\/^http:\/.test(e.location)?\"http:\":\"https:\";if(\/^\\\/{2}\/.test(s)&&(s=d+s),window[i]&&window[i].initialized)window[i].process&&window[i].process();else if(!e.getElementById(n)){var a=e.createElement(t);a.async=1,a.id=n,a.src=s,o.parentNode.insertBefore(a,o)}}(document,\"script\",\"infogram-async\",\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\");<\/script><\/p>\n<p>By Ioana Neamt<\/p>\n<h2>Methodology<\/h2>\n<p><em>We used detailed Yardi Matrix data to analyze all office transactions with price tags equal to or exceeding $5 million to close in Manhattan during the first quarter of 2018 (January through March). Our analysis, based on data recorded up until <strong>April 5th, 2018<\/strong>, includes completed office buildings equal to or larger than 50,000 square feet that changed owners during the quarter. In the case of mixed-use assets, only properties featuring over 50% office space were taken into account. We counted portfolio deals as single transactions and excluded distressed sales altogether.<\/em><\/p>\n<p><em>To make sure the trends and comparisons presented in our analysis are valid, we excluded portfolio, partial interest and ground lease deals from our calculation of the average price per square foot.<\/em><\/p>\n<p><em>While every effort was made to ensure the timeliness and accuracy of the information presented in this report, the information is provided \u201cas is\u201d and neither CommercialCafe nor Yardi Matrix can guarantee that the information provided is complete.<\/em><\/p>\n<p>Want to see what other popular markets have to offer? Select any of the markets linked below to check out the local listings!<\/p>\n\n<table id=\"tablepress-40\" class=\"tablepress tablepress-id-40\">\n<tbody>\n<tr class=\"row-1\">\n\t<td class=\"column-1\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/nj\/jersey-city\/\" rel=\"noopener\" target=\"_blank\">Office space in Jersey City<\/a><\/td><td class=\"column-2\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ca\/los-angeles\/\" rel=\"noopener\" target=\"_blank\">Office space in Los Angeles<\/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\/houston\/\" rel=\"noopener\" target=\"_blank\">Office space in Houston<\/a><\/td><td class=\"column-2\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/il\/chicago\/\" rel=\"noopener\" target=\"_blank\">Office space in Chicago<\/a><\/td><td class=\"column-3\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/nj\/essex-county\/newark\/\" rel=\"noopener\" target=\"_blank\">Office space in Newark<\/a><\/td>\n<\/tr>\n<tr class=\"row-3\">\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\/ca\/san-francisco\/\" rel=\"noopener\" target=\"_blank\">Office space in San Francisco<\/a><\/td><td class=\"column-3\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ny\/queens\/long-island-city\/\" rel=\"noopener\" target=\"_blank\">Office space in Long Island City<\/a><\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/tx\/austin\/\" rel=\"noopener\" target=\"_blank\">Office space in Austin<\/a><\/td><td class=\"column-2\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/wa\/seattle\/\" rel=\"noopener\" target=\"_blank\">Office space in Seattle<\/a><\/td><td class=\"column-3\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/tx\/fort-worth\/\" rel=\"noopener\" target=\"_blank\">Office space in Fort Worth<\/a><\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/nc\/charlotte\/\" rel=\"noopener\" target=\"_blank\">Office space in Charlotte<\/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\/ca\/oakland\/\" rel=\"noopener\" target=\"_blank\">Office space in Oakland<\/a><\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ma\/boston\/\" rel=\"noopener\" target=\"_blank\">Office space in Boston<\/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\/tx\/montgomery-county\/the-woodlands\/\" rel=\"noopener\" target=\"_blank\">Office space in The Woodlands<\/a><\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ga\/atlanta\/\" rel=\"noopener\" target=\"_blank\">Office space in Atlanta<\/a><\/td><td class=\"column-2\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/dc\/washington\/\" rel=\"noopener\" target=\"_blank\">Office space in Washington, D.C.<\/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-8\">\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\/tx\/arlington\/\" rel=\"noopener\" target=\"_blank\">Office space in Arlington<\/a><\/td><td class=\"column-3\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/or\/portland\/\" rel=\"noopener\" target=\"_blank\">Office space in Portland<\/a><\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ca\/irvine\/\" rel=\"noopener\" target=\"_blank\">Office space in Irvine<\/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-10\">\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\/az\/phoenix\/\" 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<\/tbody>\n<\/table>\n<!-- #tablepress-40 from cache -->\n","protected":false},"excerpt":{"rendered":"<p>Executive Summary Office sales volume closes Q1 2018 at $4.5B Average prices reach 4-year high of $1,266 per square foot Google buys Chelsea Market in record-setting $2.4B deal 3 WTC, 55 Hudson Yards scheduled for delivery in Q2 Following a disappointing 2017, which marked the weakest year since 2013 in terms of sales activity in&hellip;<\/p>\n","protected":false},"author":529,"featured_media":16140,"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-16132","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 Office Sales Report Q1 2018 | CommercialCafe<\/title>\n<meta name=\"description\" content=\"Sales activity in the Manhattan office market held up relatively on par with the previous quarter, despite the absence of foreign investors.\" \/>\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-office-sales-volume-holds-steady-q1-even-no-foreign-buyers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Manhattan Office Sales Volume Holds Steady in Q1, Even With No Foreign Buyers\" \/>\n<meta property=\"og:description\" content=\"Office sales in Manhattan closed the year&#039;s first quarter at $4.5 billion and a new high of $1,266 per square foot--a testament to the market&#039;s burgeoning appeal.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialcafe.com\/blog\/manhattan-office-sales-volume-holds-steady-q1-even-no-foreign-buyers\/\" \/>\n<meta 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