{"id":7990,"date":"2017-04-11T07:12:07","date_gmt":"2017-04-11T07:12:07","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=7990"},"modified":"2026-04-01T14:32:11","modified_gmt":"2026-04-01T11:32:11","slug":"nyc-q1-office-report-2017-off-sluggish-start","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/nyc-q1-office-report-2017-off-sluggish-start\/","title":{"rendered":"NYC Q1 Office Report \u2013 2017 Off to Sluggish Start"},"content":{"rendered":"<h4>Executive Summary<\/h4>\n<ul>\n<li><a href=\"#salesvolume\">Q1 office sales volume drops 63% year-over-year to $2.07 billion<\/a><\/li>\n<li><a href=\"#pricepersqft\">average price per square foot\u00a0down 23% from Q1 2016 ($741)<\/a><\/li>\n<li><a href=\"#largestdeal\">largest sale closed in the quarter &#8211; 60 Wall St. trades for $1.04 billion<\/a><\/li>\n<li><a href=\"#underconstruction\">office construction\u00a0concentrated in Manhattan, Brooklyn<\/a><\/li>\n<\/ul>\n<p>The New York City office market\u00a0started slow in the first months of 2017, continuing to\u00a0cool down from the record highs recorded in\u00a02015. Yet with the presidential election now in the rearview mirror, and with the unemployment rate at a record low of 4.8% as of February, the market is likely to\u00a0pick up steam over the following months. The healthy job market is fueling corporate expansions and relocations, while property owners try to stay competitive by upgrading older buildings to meet the high demand. Not surprisingly, office investors remain committed to <a href=\"https:\/\/www.commercialcafe.com\/commercial-real-estate\/us\/ny\/manhattan\/midtown-manhattan\/\" target=\"_blank\" rel=\"noopener noreferrer\">Midtown Manhattan<\/a>, which <a href=\"https:\/\/www.commercialcafe.com\/blog\/new-york-city-office-report-2016\/\" target=\"_blank\" rel=\"noopener noreferrer\">broke new records<\/a> in terms of price per square foot in 2016.<\/p>\n<h2 id=\"salesvolume\">Q1\u00a0Office Sales Activity Off to Slow Start<\/h2>\n<p>Although office leasing activity in New York City surged in the first months of the year, highlighted by <a href=\"https:\/\/www.commercialcafe.com\/blog\/spotify-fills-4wtc-tower-lease-gap\/\" target=\"_blank\" rel=\"noopener noreferrer\">Spotify&#8217;s 378,000-square-foot lease<\/a> at 4 World Trade Center, in terms of sales, Q1 2017 did not rise to levels recorded\u00a0in the previous three years. To track down recent sales activity, we used <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 to analyze all office transactions over 50,000 square feet to close in Q1. We also extracted\u00a0a list of new office projects on track for delivery in the second quarter of 2017.<\/p>\n<p>Total sales volume in the first quarter was 63% lower than that recorded in Q1 2016\u201410 properties changed hands in the first three months of the year for a little over $2 billion. By comparison, Q1 2016 recorded the same number of deals, for a total of $5.54 billion, while Q1 2015 was the clear winner\u201426 deals closed in the quarter for a total of $10.3 billion.<\/p>\n<div class=\"infogram-embed\" data-id=\"q1_2017_new_york\" data-type=\"interactive\" data-title=\"Q1 2017 New York\"><\/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.infogr.am\/js\/dist\/embed-loader-min.js\");<\/script><\/p>\n<h2 id=\"pricepersqft\">Average Price Per Square Foot\u00a0Drops 23% Y-o-Y in Q1<\/h2>\n<p>The average price per square foot for a New York City office asset dropped 23% year-over-year, from $964 to $741. The average price also registered a 12% decrease from the fourth quarter of 2016, and is well below the high point of Q2 2015, when per-square-foot prices reached $1,158. Nonetheless, excluding seasonality and concerns about an &#8216;<a href=\"https:\/\/www.wsj.com\/articles\/lending-for-commercial-property-falls-as-investors-pull-back-1491903008\" target=\"_blank\" rel=\"noopener noreferrer\">overheated market<\/a>,&#8217; New York City (more specifically, Midtown Manhattan) is still one of the world\u2019s <a href=\"http:\/\/www.nasdaq.com\/press-release\/hong-kong-is-worlds-most-expensive-office-market-20170320-00438\" target=\"_blank\" rel=\"noopener noreferrer\">most expensive office markets<\/a>, in terms of both asking rents and sale prices. National and offshore investors alike remain committed to this highly competitive market, which promises stable, long-term returns.<\/p>\n<div class=\"infogram-embed\" data-id=\"c9806cee-f643-42f1-9674-5d26f0b0166a\" data-type=\"interactive\" data-title=\"NYC Q1 2017 Average Price per Square Foot\"><\/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\",\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\");<\/script><\/p>\n<h2 id=\"largestdeal\">Largest Sales of Q1 2017 \u2013 GIC, Paramount\u00a0Pay $1.04B for 60 Wall Street<\/h2>\n<div id=\"attachment_7998\" style=\"width: 250px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-7998\" class=\"wp-image-7998 size-medium\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/04\/60-Wall-St-240x300.jpg\" alt=\"60 Wall St., Manhattan (Yardi Matrix)\" width=\"240\" height=\"300\" \/><p id=\"caption-attachment-7998\" class=\"wp-caption-text\">60 Wall St., Manhattan (Yardi Matrix)<\/p><\/div>\n<p>Out of a total of 10 office assets sold in the first quarter of 2017, 8 are located in <a href=\"https:\/\/www.commercialcafe.com\/commercial-real-estate\/us\/ny\/manhattan\/\" target=\"_blank\" rel=\"noopener noreferrer\">Manhattan<\/a>. The largest sale to close in Q1 was also the only one to top the $1 billion mark: Singaporean sovereign wealth fund GIC formed a 95%\/5% joint venture with Paramount Group to acquire\u00a0<a href=\"https:\/\/www.commercialcafe.com\/commercial-property\/us\/ny\/new-york\/60-wall-street\/\" target=\"_blank\" rel=\"noopener noreferrer\">60 Wall St.<\/a>\u00a0for a total price tag of $1.04 billion. As a result, Paramount will retain a 5% stake in the <a href=\"https:\/\/www.commercialcafe.com\/commercial-real-estate\/us\/ny\/manhattan\/downtown-manhattan\/\" target=\"_blank\" rel=\"noopener noreferrer\">Downtown Manhattan<\/a> property, which houses Deutsche Bank\u2019s U.S. headquarters. The banking giant is the sole tenant of the 47-story, 1.6 million-square-foot office tower.<\/p>\n<p>Another notable trade was the $370 million sale of the HBO Building at 1100 Avenue of the Americas. A joint venture between Brookfield Properties and The Swig Co. acquired the leasehold at the former Bryant Park Building, and plan to redevelop the property into a mixed-use office and retail building, according to <a href=\"http:\/\/rew-online.com\/2017\/03\/07\/brookfield-swig-plan-386000-sf-office-retail-tower-at-1100-ave-of-the-americas\/\" target=\"_blank\" rel=\"noopener noreferrer\"><em>Real Estate Weekly<\/em><\/a>. The sale comes on the heels of sole tenant HBO\u2019s announcement that it will move to <a href=\"https:\/\/www.commercialcafe.com\/commercial-property\/us\/ny\/new-york\/30-hudson-yards\/\" target=\"_blank\" rel=\"noopener noreferrer\">30 Hudson Yards<\/a> in 2019.<\/p>\n<p>Two <a href=\"https:\/\/www.commercialcafe.com\/commercial-real-estate\/us\/ny\/brooklyn\/\" target=\"_blank\" rel=\"noopener noreferrer\">Brooklyn<\/a> office properties over 50,000 square feet in size also changed hands in the first quarter, though at much lower price tags. Meadow Partners paid $54 million to acquire <a href=\"https:\/\/www.commercialcafe.com\/commercial-property\/us\/ny\/brooklyn\/57-willoughby-street\/\" target=\"_blank\" rel=\"noopener noreferrer\">57 Willoughby St.<\/a> in Downtown Brooklyn, from long-time owner Helen Keller Services for the Blind. Another\u00a0large Brooklyn property to trade in Q1 was 185 Marcy Ave. in Williamsburg\u2014Acuity Capital Partners bought the six-story, 70,000-square-foot asset for close to $30 million, from a trust controlled by the Gutman family.<\/p>\n<p><em>See the list of top 10 Q1 office sales below:<\/em><\/p>\n\n<table id=\"tablepress-12\" class=\"tablepress tablepress-id-12\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\">Address<\/th><th class=\"column-2\">Sale price<\/th><th class=\"column-3\">Borough<\/th><th class=\"column-4\">Buyer<\/th><th class=\"column-5\">Seller<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">60 Wall Street<\/td><td class=\"column-2\">$1,040,000,000<\/td><td class=\"column-3\">Manhattan<\/td><td class=\"column-4\">GIC Real Estate + Paramount Group<\/td><td class=\"column-5\">Paramount Group<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">1100 Avenue of the Americas<\/td><td class=\"column-2\">$370,000,000<\/td><td class=\"column-3\">Manhattan<\/td><td class=\"column-4\">Brookfield Properties + Swig Company<\/td><td class=\"column-5\">The Nickerson family<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">551 Madison Avenue<\/td><td class=\"column-2\">$155,000,000<\/td><td class=\"column-3\">Manhattan<\/td><td class=\"column-4\">Lexin Capital<\/td><td class=\"column-5\">Barings<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">34 West 14th Street<\/td><td class=\"column-2\">$153,000,000<\/td><td class=\"column-3\">Manhattan<\/td><td class=\"column-4\">New School<\/td><td class=\"column-5\">Samson Associates<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">71 5th Avenue<\/td><td class=\"column-2\">$85,000,000<\/td><td class=\"column-3\">Manhattan<\/td><td class=\"column-4\">Madison Capital<\/td><td class=\"column-5\">Samco Properties<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">250 West 54th Street<\/td><td class=\"column-2\">$83,126,000<\/td><td class=\"column-3\">Manhattan<\/td><td class=\"column-4\">Zar Group<\/td><td class=\"column-5\">Ascot Properties<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\">57 Willoughby Street<\/td><td class=\"column-2\">$54,000,000<\/td><td class=\"column-3\">Brooklyn<\/td><td class=\"column-4\">Meadow Partners<\/td><td class=\"column-5\">Helen Keller Services for the Blind<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\">220 5th Avenue<\/td><td class=\"column-2\">$53,846,000<\/td><td class=\"column-3\">Manhattan<\/td><td class=\"column-4\">Stellar Management + Imperium Capital<\/td><td class=\"column-5\">Dino &amp; Sons<\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\">56 West 45th Street<\/td><td class=\"column-2\">$50,000,000<\/td><td class=\"column-3\">Manhattan<\/td><td class=\"column-4\">Gatsby Realty<\/td><td class=\"column-5\">Nesbitt, Marjorie E<\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td class=\"column-1\">185 Marcy Ave<\/td><td class=\"column-2\">$29,950,000<\/td><td class=\"column-3\">Brooklyn<\/td><td class=\"column-4\">Acuity Capital Partners\u00a0<\/td><td class=\"column-5\">Trust controlled by the Gutman family<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<h2 id=\"underconstruction\">What\u2019s Next? Projects Scheduled to Come Online in Q2<\/h2>\n<p>Though it didn&#8217;t exactly start the new year with a bang, the New York City office market\u00a0is poised to pick up steam in the upcoming months, with a number of standout office projects already in the works. Construction is largely concentrated in two\u00a0boroughs: five Brooklyn office projects and three Manhattan office developments are scheduled to come online in Q2 2017. What stands out is that all the projects on track for Q2 delivery are adaptive reuse projects, which are less costly than building new projects from the ground up.<\/p>\n<p>Three projects are currently underway in Manhattan, scheduled for delivery in the second quarter. The largest one is Rockpoint Group\u2019s 18-story, 239,747-square-foot office project at <a href=\"https:\/\/www.commercialcafe.com\/commercial-property\/us\/ny\/new-york\/the-collection\/\" target=\"_blank\" rel=\"noopener noreferrer\">412 W. 15<sup>th<\/sup> St.<\/a> One of the largest new office developments in the <a href=\"https:\/\/www.commercialcafe.com\/commercial-real-estate\/us\/ny\/manhattan\/meatpacking-district\/\" target=\"_blank\" rel=\"noopener noreferrer\">Meatpacking District<\/a>, the CetraRuddy-designed project blends together two historic warehouses on West 14<sup>th<\/sup> Street with a new glass-clad structure on West 15<sup>th<\/sup> Street. In Midtown, Vanbarton Group is converting the dingy building at <a href=\"https:\/\/www.commercialcafe.com\/commercial-property\/us\/ny\/new-york\/45-west-45th-street\/\" target=\"_blank\" rel=\"noopener noreferrer\">45 W. 45<sup>th<\/sup> St.<\/a> into modern offices, while on the <a href=\"https:\/\/www.commercialcafe.com\/commercial-real-estate\/us\/ny\/manhattan\/all-upper-east-side\/\" target=\"_blank\" rel=\"noopener\">Upper East Side<\/a>, Princeton International Properties is turning the 15-story asset at 110 E. 60<sup>th<\/sup> St. into state-of-the-art medical office space, dubbed Park Sixty Medical.<\/p>\n<p><em>Office Projects Scheduled for Delivery in Q2 in NYC<\/em><br \/>\n<iframe loading=\"lazy\" src=\"https:\/\/corinat.carto.com\/builder\/19c05198-1df9-11e7-a43a-0e3ebc282e83\/embed\" width=\"100%\" height=\"520\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><br \/>\nAcross the Brooklyn Bridge, developers are fully embracing the <a href=\"https:\/\/www.commercialcafe.com\/blog\/brooklyn-adaptive-reuse-projects\/\" target=\"_blank\" rel=\"noopener noreferrer\">adaptive reuse<\/a> concept, fighting over old vestiges of the borough\u2019s industrial past. There are five industrial-to-office conversions scheduled for completion in Q2 2017, including the redevelopment of the historic <a href=\"https:\/\/www.commercialcafe.com\/commercial-real-estate\/us\/ny\/brooklyn\/dumbo\/\" target=\"_blank\" rel=\"noopener noreferrer\">Dumbo<\/a> warehouse at 10 Jay St. The former Arbuckle Brothers sugar refinery will be home to a modern office and retail space, upon completion in late May. Brooklyn was also the location of the only new office project to come online in New York City in Q1: Marcal Group celebrated the finalization of 2361 Nostrand Ave.<\/p>\n<p><em>Browse the list below for some of the most competitive office markets in the U.S. and explore top-tier listings across the nation:<\/em><\/p>\n\n<table id=\"tablepress-46\" class=\"tablepress tablepress-id-46\">\n<tbody>\n<tr class=\"row-1\">\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\/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\/dallas\/\" rel=\"noopener\" target=\"_blank\">Office space in Dallas<\/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\/ny\/new-york-city\/\" rel=\"noopener\" target=\"_blank\">Office space in New York City<\/a><\/td>\n<\/tr>\n<tr class=\"row-3\">\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\/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\/tx\/fort-worth\/\" rel=\"noopener\" target=\"_blank\">Office space in Fort Worth<\/a><\/td>\n<\/tr>\n<tr class=\"row-4\">\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\/wa\/seattle\/\" rel=\"noopener\" target=\"_blank\">Office space in Seattle<\/a><\/td><td class=\"column-3\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ny\/manhattan\/\" rel=\"noopener\" target=\"_blank\">Office space in Manhattan<\/a><\/td>\n<\/tr>\n<tr class=\"row-5\">\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\/co\/denver\/\" rel=\"noopener\" target=\"_blank\">Office space in Denver<\/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-6\">\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\/tx\/bexar-county\/san-antonio\/\" rel=\"noopener\" target=\"_blank\">Office space in San Antonio<\/a><\/td>\n<\/tr>\n<tr class=\"row-7\">\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\/pa\/philadelphia\/\" rel=\"noopener\" target=\"_blank\">Office space in Philadelphia<\/a><\/td><td class=\"column-3\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/pa\/pittsburgh\/\" rel=\"noopener\" target=\"_blank\">Office space in Pittsburgh<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-46 from cache -->\n<h2>Methodology<\/h2>\n<ul>\n<li><em>Square footage parameters: over 50,000 square feet<\/em><\/li>\n<li><em>Transactions recorded up until April 10th, 2017<\/em><\/li>\n<li><em>Average per-square-foot price calculation &#8211; ground lease, ownership stake and portfolio deals excluded<\/em><\/li>\n<li><em>Database &#8211; Yardi Matrix, PropertyShark.<\/em><\/li>\n<\/ul>\n<p>By Ioana Neamt<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Executive Summary Q1 office sales volume drops 63% year-over-year to $2.07 billion average price per square foot\u00a0down 23% from Q1 2016 ($741) largest sale closed in the quarter &#8211; 60 Wall St. trades for $1.04 billion office construction\u00a0concentrated in Manhattan, Brooklyn The New York City office market\u00a0started slow in the first months of 2017, continuing&hellip;<\/p>\n","protected":false},"author":529,"featured_media":8012,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[37,42,38,39],"tags":[],"class_list":["post-7990","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 v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>NYC Q1 Office Report \u2013 2017 Off to Sluggish Start - CommercialCafe<\/title>\n<meta name=\"description\" content=\"In the wake of a presidential election year, New York City&#039;s office market had a slow start in the first quarter of 2017.\" \/>\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\/nyc-q1-office-report-2017-off-sluggish-start\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NYC Q1 Office Report \u2013 2017 Off to Sluggish Start\" \/>\n<meta property=\"og:description\" content=\"In the wake of a presidential election year, New York City&#039;s office market had a slow start in the first 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