Manhattan’s constant workplace transaction quantity was eclipsed by New Jersey, which ranked third nationally for gross sales quantity in Q1.
Within the first quarter of 2022, Manhattan’s workplace market has recorded $1.02 billion in transactions, based on CommercialEdge information. The deal quantity was barely up in comparison with the identical interval in 2021, when it reached $1 billion.
The typical gross sales value for workplace produce year-to-date by March was decrease than the determine within the first two months ($1,440 per sq. foot), reaching $921 per sq. foot by the top of the primary quarter. By comparability, in the identical interval final yr costs averaged at $1,287, whereas in first three months of 2020 the worth was at $753 per sq. foot.
Within the first quarter of 2022, Seattle led the listing of markets with the biggest gross sales volumes ($1.15 billion), trailed by Dallas ($1.14 billion). New Jersey got here in third, with a complete of $1.1 billion. Houston and the Bay Space additionally registered bigger gross sales volumes than Manhattan.
A number of notable gross sales closed throughout the first three years of the month in New Jersey, together with the $48 million disposition of 15 Trade Place in Jersey Metropolis, N.J. American Fairness Companions bought the 136,000-square-foot waterfront property, located throughout the Hudson River from Tribeca.
The most important deal of the quarter was a portfolio that closed in late March: Silverstein Properties offered off the remaining 4 properties of the previous Walt Disney campus on the Higher West Aspect. Guggenheim Life and Annuity Co. offered a $850 million mortgage to Extell Growth for its buy of the roughly 833,550-square-foot, 4 constructing ensemble that included the Barbara Walters Constructing, 77 W. 66th St., 30 W. 67th St. and 149 Columbus Ave. Half of a bigger deal, Silverstein picked up the properties together with different belongings in a $1.2 billion portfolio transaction in 2018.
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