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 PropertyShark.com.
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.