Pricing on Manhattan office condominiums hit the lowest levels in five years in the first half of 2021, Rudder Property Group (RPG) reported in its biannual report on the sector. The average price was 26% lower than the five-year average of $825 per square foot.
Also down was the total square footage of office condo sales as well as the total value of these sales. However, the number of sales rose slightly from the second half of 2020.
“While prices have hit a five-year low, many of these transactions were negotiated in late 2020 and early 2021,” said RPG president Michael Rudder. “Buyers ready to take advantage of the market were able to achieve significant discounts and invest in the long-term benefits of office ownership. Over the past several months we’ve seen pricing increase steadily, which I expect will continue into the new year.”
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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