New York City's commercial real estate market experienced significant growth in 2011, with $24 billion in sales – a 32% increase over 2010 and a 193% leap over 2009 levels, according to an analysis released by PropertyShark, a New York-based property search and foreclosure listings website.
The rebound of the commercial sector was driven by large transactions – $5 million and above – which accounted for 86%, or $20.8 billion, of all real estate commercial transactions recorded in the city. The 10 largest transactions accounted for $5.76 billion in volume alone, bringing the year-over-year volume increase to 35%, and up 245% over 2009, for the $5 million and over category.
The office market, which makes up more than half of all commercial real estate sales in New York City, saw $13.4 billion in sales last year, up 38% from 2010. The multifamily sector saw $6.9 billion in sales, a 14% rise from the previous year.
The market hit its 2011 peak in the third quarter, when it recorded $9.37 billion in sales, a level not seen since 2007.