NYC CRE Market Registers Big Year-Over-Year Increase In Q1

The commercial real estate (CRE) market in New York City saw a 52% year-over-year increase in the first quarter of this year, with $4.98 billion in sales volume, according to new data from

The number of closed commercial transactions (849) remained stable in the first quarter, compared to the previous quarter, while rising 25% from the first quarter of 2011. The office and multifamily sectors saw year-over-year quarterly increases of 34% and 31%, respectively. Accounting for half of all the sales, the office market has seen $2.52 billion in volume, while the multifamily sector recorded $1.44 billion.

Manhattan continued to lead with regard to the city's CRE volume, accounting for 83% of sales – $4.1 billion in all. All of the highest price tags were seen on Manhattan-based office buildings.


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