Manhattan Office Condo Market Makes Strong Rebound
Sales velocity in Manhattan’s office condominium market has returned to pre-pandemic levels, office condo specialist Rudder Property Group (RPG) says in its biannual report. Volume in 2021’s second half rose 90% over the first half, with both dollar volume and unit sales above five-year averages.
A new wrinkle in the market is conversions, which have gained popularity among landlords facing a soft leasing market, says RPG.
“While many buyers remained on the sidelines over the past two years, they have returned to the market during the second half of the year in force, taking advantage of lower prices and historically low interest rates,” said RPG principal Michael Rudder.
“As demand remains high during the beginning of 2022, we expect to see prices continue to trend upwards. The addition of new, office-to-office-condo-conversions will give buyers a few more options to consider, though we expect these properties to sell at a premium.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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