{"id":5378,"date":"2017-02-13T13:39:35","date_gmt":"2017-02-13T13:39:35","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=5378"},"modified":"2026-04-02T09:08:26","modified_gmt":"2026-04-02T06:08:26","slug":"new-york-city-office-report-2016","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/new-york-city-office-report-2016\/","title":{"rendered":"NYC 2016 Office Report \u2013 Total Sales Volume Tops $21B"},"content":{"rendered":"<h2>Key takeaways:<\/h2>\n<ul>\n<li><a href=\"#totalsalesvolume\">Total sales volume in NYC topped $21B in 2016<\/a><\/li>\n<li><a href=\"#pricepersqft\">The average price per sq. ft. in Manhattan reached a 5-year peak ($1,347)<\/a><\/li>\n<li><a href=\"#monthlysalesvolume\">June proved busiest month of the year\u2014transaction volume reached $4.4B<\/a><\/li>\n<li><a href=\"#foreigncapital\">NYC commercial market attracted record foreign capital in 2016<\/a><\/li>\n<li><a href=\"#largestsales\">Largest sale of the year: AXA Equitable Center at 787 7<sup>th<\/sup>\u00a0Ave. traded for $1.9B<\/a><\/li>\n<li><a href=\"#largestsales\">One Brooklyn sale among\u00a0largest transactions of 2016&#8211;Watchtower Building Sold for $340M<\/a><\/li>\n<li><a href=\"#next\">What&#8217;s next? Major office projects in the works in NYC<\/a><\/li>\n<\/ul>\n<p>It was the best of times, it was the worst of times \u2014 a fitting description for the <a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ny\/new-york-city\/\" target=\"_blank\" rel=\"noopener\">New York City office<\/a> market in 2016. Though leasing activity in Manhattan dropped significantly in the midst of political and economic uncertainty, according to data from <a href=\"https:\/\/www.jll.com\/research\" target=\"_blank\" rel=\"nofollow noopener\">JLL<\/a>, this did not put a damper on office sales in NYC. Though activity cooled down from the highs of 2015, investment sales volume remained strong in 2016, surpassing the levels of 2012-2014.<\/p>\n<p>Our study analyzed\u00a0commercial office transactions of more than $5 million and office buildings and spaces of over 5,000 square feet, from 2012 to 2016, based on <a href=\"https:\/\/www.yardimatrix.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Yardi Matrix<\/a> and\u00a0<a href=\"https:\/\/www.propertyshark.com\/mason\/\" target=\"_blank\" rel=\"noopener noreferrer\">PropertyShark<\/a> sales and proprietary research. The sales included were recorded up until Jan. 25, 2017, and we excluded ownership stake transactions.<\/p>\n<h2 id=\"totalsalesvolume\">Investor Appetite Still High\u2014Sales Volume Tops $21B in 2016<\/h2>\n<p>128 office buildings changed hands in 2016 for a total of $21.1 billion \u2014 a downtick of 7% year-over-year in sales volume. And though the number of transactions dropped below the level of the previous two years, the overall sales volume in NYC remained above the previous 4-years average \u2014 and more than twice the number recorded in 2012. More than 22 million square feet of New York office space traded in 2016, a 3% drop year-over-year. Investors were not deterred by last year&#8217;s political volatility, and 2016 turned out to be a very fruitful year for NYC in terms of office sales activity.<\/p>\n<div class=\"infogram-embed\" data-id=\"e6fc8b8f-0f3e-4c32-b5f4-47267cca5bbc\" data-type=\"interactive\" data-title=\"New York City - Office Market 2012-2016\"><\/div>\n<p><script>!function(e,t,n,s){var i=\"InfogramEmbeds\",o=e.getElementsByTagName(t),d=o[0],a=\/^http:\/.test(e.location)?\"http:\":\"https:\";if(\/^\\\/{2}\/.test(s)&&(s=a+s),window[i]&&window[i].initialized)window[i].process&&window[i].process();else if(!e.getElementById(n)){var r=e.createElement(t);r.async=1,r.id=n,r.src=s,d.parentNode.insertBefore(r,d)}}(document,\"script\",\"infogram-async\",\"\/\/e.infogr.am\/js\/dist\/embed-loader-min.js\");<\/script><\/p>\n<h2 id=\"pricepersqft\">Price per Square Foot Continues Upward Trend in Manhattan, Reaches 5-Year Peak<\/h2>\n<p>Spurred on by strong demand for high-quality office space and healthy market fundamentals, the average price per square foot for an office building in Manhattan has been steadily climbing over the past 4 years. The average price reached $1,347 per square foot in 2016, a 7% uptick year-over-year and 40% higher than the price recorded in 2012. <a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ny\/manhattan\/midtown-manhattan\/\" target=\"_blank\" rel=\"noopener\">Midtown Manhattan<\/a> boasts the highest price per square foot in the borough\u201454 office assets traded at an average of $1,531 per square foot, a 28% increase year-over-year. By comparison, the average price per square foot of <a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ny\/manhattan\/downtown-manhattan\/\" target=\"_blank\" rel=\"noopener\">office space in Downtown Manhattan<\/a> decreased 32% in 2016, resting at $935 per square foot&#8211;$441 shy of the average recorded in 2015.<\/p>\n<div class=\"infogram-embed\" data-id=\"manhattan_price_per_square_foot_2012_2016\" data-type=\"interactive\" data-title=\"Manhattan Price per Square Foot\"><\/div>\n<p><script>!function(e,t,n,s){var i=\"InfogramEmbeds\",o=e.getElementsByTagName(t),d=o[0],a=\/^http:\/.test(e.location)?\"http:\":\"https:\";if(\/^\\\/{2}\/.test(s)&&(s=a+s),window[i]&&window[i].initialized)window[i].process&&window[i].process();else if(!e.getElementById(n)){var r=e.createElement(t);r.async=1,r.id=n,r.src=s,d.parentNode.insertBefore(r,d)}}(document,\"script\",\"infogram-async\",\"\/\/e.infogr.am\/js\/dist\/embed-loader-min.js\");<\/script><\/p>\n<p>Though it&#8217;s no surprise that Manhattan remains\u00a0the main target for office investment in New York City, other boroughs also managed to attract a good deal of capital in\u00a0the past year. In Queens, 13 office properties changed hands in 2016 at an average price of $762 per square foot\u2014a 28% increase year-over-year for <a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ny\/queens\/\" target=\"_blank\" rel=\"noopener\">office space in Queens<\/a>. The average price per square foot in the borough rose 116% over the past 4 years, a sign that some investors are shifting their focus from over-priced Manhattan toward the outer boroughs.<br \/>\nBy comparison, the price per square foot for <a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ny\/brooklyn\/\" target=\"_blank\" rel=\"noopener\">office space in Brooklyn<\/a> decreased 16% in 2016 to $690 on average, after peaking at $819 in 2015. Office sales activity cooled down in the borough last year, with 13 assets trading hands\u2014down from the previous year\u2019s total of 21.<\/p>\n<h2 id=\"monthlysalesvolume\">Monthly Sales Volume Reaches $4.4B in June<\/h2>\n<p>Office investors started the year in full force, with over $2.3 billion worth of properties changing owners in January. However, June proved to be the busiest month for office investment in 2016\u201418 assets traded for a total of $4.4 billion. Two of the year\u2019s biggest deals also closed in June\u2014the $1.7 billion sale of 388-390 Greenwich St. and the $914 million sale of the remaining 49% stake in 1211 Avenue of the Americas. Incorporating roughly 765,200 square feet of <a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ny\/manhattan\/tribeca\/\" target=\"_blank\" rel=\"noopener\">TriBeCa office space<\/a>, the transaction of the Greenwich Street property boils down to about $2,220 per square foot.<\/p>\n<div class=\"infogram-embed\" data-id=\"monthly_sales_volume_2016___nyc\" data-type=\"interactive\" data-title=\"Monthly Sales Volume 2016 - NYC\"><\/div>\n<p><script>!function(e,t,n,s){var i=\"InfogramEmbeds\",o=e.getElementsByTagName(t),d=o[0],a=\/^http:\/.test(e.location)?\"http:\":\"https:\";if(\/^\\\/{2}\/.test(s)&&(s=a+s),window[i]&&window[i].initialized)window[i].process&&window[i].process();else if(!e.getElementById(n)){var r=e.createElement(t);r.async=1,r.id=n,r.src=s,d.parentNode.insertBefore(r,d)}}(document,\"script\",\"infogram-async\",\"\/\/e.infogr.am\/js\/dist\/embed-loader-min.js\");<\/script><\/p>\n<h4><\/h4>\n<h2 id=\"foreigncapital\">NYC Market Attracts Record Foreign Capital in 2016<\/h2>\n<p>2016 also marked a busy\u00a0year for foreign investment in NYC, with over half of the 20 largest office sales of 2016 driven partially or exclusively by foreign capital. According to the <a href=\"https:\/\/www.ft.com\/content\/2511fa56-b5f8-11e6-ba85-95d1533d9a62\" target=\"_blank\" rel=\"nofollow noopener\"><em>Financial Times<\/em><\/a>, quoting commerce ministry data, Chinese companies&#8217; overseas purchases topped 2015&#8217;s record of $121 billion for non-financial outbound investments, reaching a total of $146 billion in the first 10 months of 2016.<\/p>\n<p>China reached a record of $33 billion in overseas commercial and residential real estate investment in 2016&#8211;a nearly 53% increase year-over-year, according to <a href=\"https:\/\/www.joneslanglasalle.com.cn\/china\/en-gb\/news\/578\/overseas-investment-hit-new-record\" target=\"_blank\" rel=\"nofollow noopener\">JLL data<\/a>. Investment in land, offices, and hotels accounted for 90% of all Chinese outbound capital in the past 3 years, while the hospitality and industrial sectors marked the largest increase in 2016.<\/p>\n<p>The year also proved fruitful for AXA Financial, the American arm of Paris-based insurance firm AXA, which cashed in a total of $3.6 billion on the sales of 787 7<sup>th<\/sup> Ave. and 1285 Avenue of the Americas\u2014two of the largest office deals to close in NYC in 2016.<\/p>\n<h2 id=\"largestsales\">Largest Office Sales of the Year \u2014 787 Seventh Ave Commands $1.9B<\/h2>\n<div id=\"attachment_34318\" style=\"width: 650px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/Equitable-Tower-at-787-Seventh-Avenue-Manhattan-NY.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-34318\" class=\"wp-image-34318 size-full\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/Equitable-Tower-at-787-Seventh-Avenue-Manhattan-NY.jpg\" alt=\"\" width=\"640\" height=\"800\" srcset=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/Equitable-Tower-at-787-Seventh-Avenue-Manhattan-NY.jpg 640w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/Equitable-Tower-at-787-Seventh-Avenue-Manhattan-NY.jpg?resize=120,150 120w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/Equitable-Tower-at-787-Seventh-Avenue-Manhattan-NY.jpg?resize=240,300 240w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><\/a><p id=\"caption-attachment-34318\" class=\"wp-caption-text\"><em>Equitable Tower at 787 Seventh Avenue, Manhattan, NY<\/em><\/p><\/div>\n<p>The year\u2019s biggest office deal closed in January, when CalPERS shelled out in excess of $1.9 billion to acquire the AXA Equitable Center at 787 Seventh Ave., in Manhattan. Encompassing more than 1.6 million square feet of prime <a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ny\/manhattan-market\/plaza-district-submarket\/\" target=\"_blank\" rel=\"noopener\">Plaza District office space<\/a>, the sale closed at $1,179 per square foot, marking one of the largest investments in the pension fund\u2019s history.<\/p>\n<p>There were seven office sales that topped the $1 billion mark in 2016, and 12 that fetched a sale price exceeding $500 million. While 19 of the top 20 largest office deals of the year closed in Manhattan, one Brooklyn sale landed the 17<sup>th<\/sup> spot: the Jehovah\u2019s Witnesses Watchtower Building sold for $340 million in August.<\/p>\n<p><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ny\/manhattan\/\" target=\"_blank\" rel=\"noopener\">Manhattan office space <\/a>remained the top choice for office investment in 2016 \u2014 100 properties changed hands in the borough, out of a total of 128 sales overall. Nonetheless, the outer boroughs managed to draw in $769 million in investments, with 15 assets trading in Brooklyn and 13 assets in Queens.<\/p>\n\n<table id=\"tablepress-8\" class=\"tablepress tablepress-id-8\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\">#<\/th><th class=\"column-2\">Sale price<\/th><th class=\"column-3\">Address<\/th><th class=\"column-4\">Borough<\/th><th class=\"column-5\">Buyer<\/th><th class=\"column-6\">Seller<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">1<\/td><td class=\"column-2\">$1,932,900,000<\/td><td class=\"column-3\">787 7th Avenue<\/td><td class=\"column-4\">Manhattan<\/td><td class=\"column-5\">CalPERS<\/td><td class=\"column-6\">AXA Real Estate<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">2<\/td><td class=\"column-2\">$1,767,913,114<\/td><td class=\"column-3\">388-390 Greenwich Street<\/td><td class=\"column-4\">Manhattan<\/td><td class=\"column-5\">Citigroup<\/td><td class=\"column-6\"> SL Green Realty<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">3<\/td><td class=\"column-2\">$1,649,000,000<\/td><td class=\"column-3\">1285-1297 Avenue of the Americas<\/td><td class=\"column-4\">Manhattan<\/td><td class=\"column-5\"> RXR Realty <\/td><td class=\"column-6\"> AXA Real Estate<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">4<\/td><td class=\"column-2\">$1,400,000,000<\/td><td class=\"column-3\">550 Madison Avenue<\/td><td class=\"column-4\">Manhattan<\/td><td class=\"column-5\">The Olayan Group<\/td><td class=\"column-6\">The  Chetrit Group<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">5<\/td><td class=\"column-2\">$1,152,970,000<\/td><td class=\"column-3\">1095 Avenue of the Americas<\/td><td class=\"column-4\">Manhattan<\/td><td class=\"column-5\">Hong Kong Monetary Authority<\/td><td class=\"column-6\">Ivanhoe Cambridge + Callahan Capital Partners<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">6<\/td><td class=\"column-2\">$1,150,000,000<\/td><td class=\"column-3\">63 &amp; 200 Madison Avenue<\/td><td class=\"column-4\">Manhattan<\/td><td class=\"column-5\">Jamestown<\/td><td class=\"column-6\">George Comfort &amp; Sons + Loeb Partners Realty<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\">7<\/td><td class=\"column-2\">$1,030,000,000<\/td><td class=\"column-3\">1221 Avenue of the Americas<\/td><td class=\"column-4\">Manhattan<\/td><td class=\"column-5\">China Investment Corporation<\/td><td class=\"column-6\">Canada Pension Plan Investment Board<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\">8<\/td><td class=\"column-2\">$913,623,081<\/td><td class=\"column-3\">1211 Avenue of the Americas<\/td><td class=\"column-4\">Manhattan<\/td><td class=\"column-5\">Ivanhoe Cambridge<\/td><td class=\"column-6\">Beacon Capital Partners<\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\">9<\/td><td class=\"column-2\">$700,000,000<\/td><td class=\"column-3\">1 New York Plaza<\/td><td class=\"column-4\">Manhattan<\/td><td class=\"column-5\">China Investment Corporation<\/td><td class=\"column-6\">Brookfield Properties<\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td class=\"column-1\">10<\/td><td class=\"column-2\">$565,000,000<\/td><td class=\"column-3\">1250 Broadway<\/td><td class=\"column-4\">Manhattan<\/td><td class=\"column-5\">Global Holdings<\/td><td class=\"column-6\">Jamestown<\/td>\n<\/tr>\n<tr class=\"row-12\">\n\t<td class=\"column-1\">11<\/td><td class=\"column-2\">$561,000,000<\/td><td class=\"column-3\">7 West 34th Street<\/td><td class=\"column-4\">Manhattan<\/td><td class=\"column-5\">Korea Post<\/td><td class=\"column-6\">Vornado Realty Trust<\/td>\n<\/tr>\n<tr class=\"row-13\">\n\t<td class=\"column-1\">12<\/td><td class=\"column-2\">$525,000,000<\/td><td class=\"column-3\">693 5th Avenue<\/td><td class=\"column-4\">Manhattan<\/td><td class=\"column-5\">Fimalac<\/td><td class=\"column-6\">Thor Equities<\/td>\n<\/tr>\n<tr class=\"row-14\">\n\t<td class=\"column-1\">13<\/td><td class=\"column-2\">$480,000,000<\/td><td class=\"column-3\">11 Madison Avenue<\/td><td class=\"column-4\">Manhattan<\/td><td class=\"column-5\">PGIM Real Estate<\/td><td class=\"column-6\">SL Green Realty<\/td>\n<\/tr>\n<tr class=\"row-15\">\n\t<td class=\"column-1\">14<\/td><td class=\"column-2\">$463,000,000<\/td><td class=\"column-3\">850 3rd Avenue<\/td><td class=\"column-4\">Manhattan<\/td><td class=\"column-5\">MHP Real Estate Services<\/td><td class=\"column-6\">Shorenstein<\/td>\n<\/tr>\n<tr class=\"row-16\">\n\t<td class=\"column-1\">15<\/td><td class=\"column-2\">$453,000,000<\/td><td class=\"column-3\">885 3rd Avenue<\/td><td class=\"column-4\">Manhattan<\/td><td class=\"column-5\">Ceruzzi Properties + Shanghai Municipal Investment USA<\/td><td class=\"column-6\">SL Green Realty<\/td>\n<\/tr>\n<tr class=\"row-17\">\n\t<td class=\"column-1\">16<\/td><td class=\"column-2\">$420,000,000<\/td><td class=\"column-3\">501 West 30th Street<\/td><td class=\"column-4\">Manhattan<\/td><td class=\"column-5\">Allianz Real Estate of America<\/td><td class=\"column-6\">Related Companies<\/td>\n<\/tr>\n<tr class=\"row-18\">\n\t<td class=\"column-1\">17<\/td><td class=\"column-2\">$340,000,000<\/td><td class=\"column-3\">51 Furman Street<\/td><td class=\"column-4\">Brooklyn<\/td><td class=\"column-5\">Kushner Companies<\/td><td class=\"column-6\">Jehovah's Witnesses<\/td>\n<\/tr>\n<tr class=\"row-19\">\n\t<td class=\"column-1\">18<\/td><td class=\"column-2\">$334,068,741<\/td><td class=\"column-3\">285 Madison Avenue<\/td><td class=\"column-4\">Manhattan<\/td><td class=\"column-5\">RFR Realty<\/td><td class=\"column-6\">GreenOak Real Estate + East End Capital + Downtown Properties<\/td>\n<\/tr>\n<tr class=\"row-20\">\n\t<td class=\"column-1\">19<\/td><td class=\"column-2\">$330,000,000<\/td><td class=\"column-3\">433-447 9th Avenue<\/td><td class=\"column-4\">Manhattan<\/td><td class=\"column-5\">Cove Property Group<\/td><td class=\"column-6\">EmblemHealth<\/td>\n<\/tr>\n<tr class=\"row-21\">\n\t<td class=\"column-1\">20<\/td><td class=\"column-2\">$280,000,000<\/td><td class=\"column-3\">1700 Broadway<\/td><td class=\"column-4\">Manhattan<\/td><td class=\"column-5\">Ruben Companies<\/td><td class=\"column-6\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<h2>Fifth Avenue Sale Prices Top $5,000 per Square Foot<\/h2>\n<div id=\"attachment_5453\" style=\"width: 755px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-5453\" class=\"wp-image-5453 size-full\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/693-695-Fifth-Ave.jpg\" alt=\"693-695 Fifth Avenue (via PropertyShark)\" width=\"745\" height=\"500\" srcset=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/693-695-Fifth-Ave.jpg 745w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/693-695-Fifth-Ave.jpg?resize=150,101 150w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/693-695-Fifth-Ave.jpg?resize=447,300 447w\" sizes=\"auto, (max-width: 745px) 100vw, 745px\" \/><p id=\"caption-attachment-5453\" class=\"wp-caption-text\">693-695 Fifth Avenue (via PropertyShark)<\/p><\/div>\n<p>Thor Equities closed on a major deal in the summer, selling its <a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ny\/manhattan\/central-midtown\/\" target=\"_blank\" rel=\"noopener\">Central Midtown office<\/a> and retail asset at 693 Fifth Ave., for $525 million \u2014 nearly four times what it paid for the property back in 2010. The deal marked one of the highest per square foot prices of the year in the city: the 20-story building was acquired by French billionaire Marc Ladreit de Lacharri\u00e8re, chair &amp; CEO of holding company Fimalac, for $5,182 per square foot.<\/p>\n<div id=\"attachment_5382\" style=\"width: 762px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-5382\" class=\"wp-image-5382 size-full\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/570-5th-Ave.jpg\" alt=\"570-574 5th Avenue (via PropertyShark)\" width=\"752\" height=\"500\" srcset=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/570-5th-Ave.jpg 752w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/570-5th-Ave.jpg?resize=150,100 150w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/570-5th-Ave.jpg?resize=451,300 451w\" sizes=\"auto, (max-width: 752px) 100vw, 752px\" \/><p id=\"caption-attachment-5382\" class=\"wp-caption-text\">570-574 5th Avenue (via PropertyShark)<\/p><\/div>\n<p>By comparison, the highest price recorded in 2015 was $5,155 per zoning square foot, also on Fifth Avenue \u2014 SL Green Realty sold 570 and 574 Fifth Ave., for a total of $125 million. The Central Midtown assets total 24,327 square feet and were acquired by Extell Development, which intends to demolish them to make way for a major development in Midtown\u2019s Diamond District.<\/p>\n<h2 id=\"next\">What\u2019s Next? NYC Projects in the Works<\/h2>\n<p>Following the conclusion of the presidential election, New York City&#8217;s office market is picking up even more steam. Office leasing activity in Downtown Manhattan nearly tripled month-over-month in December\u00a02016, totaling 256,000 square feet, and the average asking rent was $58.2 per square foot, up 3% from the previous year, according to <a href=\"http:\/\/www.cbre.com\/research-and-reports\" target=\"_blank\" rel=\"nofollow noopener\">CBRE<\/a>. Midtown Manhattan recorded its third consecutive month of positive absorption, with monthly leasing activity totaling 1.37 million square feet \u2014 6% above its 5-year monthly average of 1.29 million square feet. The average asking rent remained unchanged from the previous year, at $80.2 per square foot, as per CBRE data.<\/p>\n<p>All signs are pointing toward another positive year for office activity in New York City in 2017, as companies continue to expand their footprint and demand for new, high-quality office space is intensifying. The market is expected to gain even more momentum over the following years, with a variety of major office projects already in the works. We&#8217;ve gathered some of the highlights below:<\/p>\n<h3>50 Hudson Yards<\/h3>\n<p>Scheduled to begin construction in 2017, the 58-story tower is designed to incorporate 2.8 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> and is part of the $20+ billion Hudson Yards redevelopment project undertaken by Related Companies and Oxford Properties Group. Designed by Foster + Partners, the building will take up an entire city block and be the fourth-tallest office building in the city upon completion in 2022.<\/p>\n<h3>3 World Trade Center<\/h3>\n<p>The 80-story tower developed by Silverstein Properties is part of the rebuilding of the World Trade Center site in Lower Manhattan. Adding 2.5 million square feet of <a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ny\/manhattan\/financial-district\/\" target=\"_blank\" rel=\"noopener\">Manhattan Financial District office space<\/a>, the tower at 175 Greenwich St. topped out in 2016 and is scheduled for completion in 2018. 3 WTC will incorporate five floors of retail space and is expected to earn LEED Gold certification from the USGBC, according to data from Yardi Matrix.<\/p>\n<h3>One Vanderbilt<\/h3>\n<p>Construction on the 57-floor supertall structure began in 2016 on the corner of 42<sup>nd<\/sup> Street and Vanderbilt Avenue in Midtown Manhattan, adjacent to Grand Central Terminal. Developed by SL Green, the glass-clad, 1.7 million-square-foot tower is expected to become the city\u2019s second-tallest building, upon completion in 2020, according to <em><a href=\"https:\/\/www.dezeen.com\/2016\/10\/18\/one-vanderbilt-skyscraper-breaks-ground-architecture-news-kohn-pederson-fox-new-york-city-usa\/\" target=\"_blank\" rel=\"nofollow noopener\">Dezeen<\/a><\/em>.<\/p>\n<h3>30 Hudson Yards<\/h3>\n<p>The 90-story tower broke ground in December 2012, accounts for 2.6 million square feet of <a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ny\/manhattan\/hudson-yards\/\" target=\"_blank\" rel=\"noopener\">office space in Hudson Yards<\/a>, and is slated to be the tallest structure within the multi-building development. Located in Chelsea, the Kohn Pedersen Fox-designed building is expected to achieve LEED Gold certification from the USGBC and be completed in 2019. Time Warner will reportedly relocate most of its offices to 30 Hudson Yards, taking over almost 40% of the building, according to <em>The New York Times<\/em>.<\/p>\n<h4>Methodology<\/h4>\n<ul>\n<li>Property type: Commercial \u2013 Office (buildings and spaces)<\/li>\n<li>Period: January 2012 to December 2016<\/li>\n<li>Sale price per transaction &gt; $5,000,000<\/li>\n<li>Sq. ft. &gt; 5,000<\/li>\n<li>Average sales price included only for transactions with square footage,\u00a0\u201cownership stake\u201d transactions excluded<\/li>\n<li>Recorded until January 25<sup>th<\/sup> 2017<\/li>\n<\/ul>\n<p>Want to see what other top office markets have to offer? Select any location from those 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<p><strong>Note:<\/strong><em>\u00a0While we have made every attempt to ensure that the information included herein has been obtained from reliable sources, we are not responsible for any inaccuracies or omissions, or for the results obtained from the use of this information.\u00a0<\/em><\/p>\n<p>By Ioana Neamt<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key takeaways: Total sales volume in NYC topped $21B in 2016 The average price per sq. ft. in Manhattan reached a 5-year peak ($1,347) June proved busiest month of the year\u2014transaction volume reached $4.4B NYC commercial market attracted record foreign capital in 2016 Largest sale of the year: AXA Equitable Center at 787 7th\u00a0Ave. traded&hellip;<\/p>\n","protected":false},"author":529,"featured_media":5384,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[42,39],"tags":[],"class_list":["post-5378","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-reports","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>NYC 2016 Office Report \u2013 Total Sales Volume Tops $21B - CommercialCafe<\/title>\n<meta name=\"description\" content=\"It was a fruitful year for New York City&#039;s office sales market, with sales volume and price per square foot rising above the average.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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