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Leasing in Gov’t, NFP Sector Hits Cyclical Peak
New York City’s not-for-profit and public sector reached a cyclical high for both leasing and sales activity in 2017, Cushman & Wakefield reported. The six million square feet of leases signed in the sector represented a 46.3% increase over 2016, the previous record year.
The spike in square footage was fueled by 12 leases of 100,000-plus square feet, topped by the New York City Housing Authority’s deal for 587,344 square feet at 23-02 49th Ave. (pictured) in Long Island City. In fact, Cushman & Wakefield’s Robair Reichenstein wrote that 2017 was the “year of the government sector,” accounting for 44.7% of the total sector’s leasing.
And while dollar volume of sales and acquisitions by NFPs and the public sector was flat at $1.2 billion, the number of transactions was up 65% year over year. In contrast, the New York investment sales market’s dollar and transaction volume were down Y-O-Y by 40.3% and 18.1%, respectively.
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- ◦Sale/Acquisition
- ◦Lease
