New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
NYC EDC Snapshot Sees Mixed Indicators for Office, Retail, Residential
Commercial real estate indicators presented a mixed picture in August, the New York City Economic Development Corporation said in its latest Economic Snapshot. Citywide office visitation was up 2.3 percentage points year-over-year, a modest improvement.
In month-over-month terms, visitation fell to about 70% of pre-pandemic levels across all buildings and 76% for Class A+ buildings, reflecting factors such as summer vacations. At the same time, the office availability rate and vacancy rate both showed slight improvement. The citywide retail vacancy rate was flat at 4.5%, compared to a 12-month average of 3.4% in 2019.
On the residential side, asking rents increased for the seventh consecutive month in August, contributing to continued affordability pressures, NYC EDC said. Over the past two years, the citywide median asking rent has risen by $403 to nearly $4,000, while rental inventory has declined by 14%, according to StreetEasy data.
- ◦Lease
