Manhattan Office Condo Sales Decline by Half in H1 2022
The first half of 2022 saw Manhattan office condominium sales velocity halved with a 53% decrease in total square footage sold since the second half of 2021, according to Rudder Property Group, which specializes in the sector. For the first time in more than a decade, there were no office condo sales Downtown.
Office condo pricing reached an average $773 per square foot in H1 2022. This pricing is a 7% increase over H2 2021 but still 4% below the five-year average.
“The combination of interest rate hikes, recession fears and inflation has caused the overall real estate market to take a pause, including Manhattan office condominiums,” said RPG principal Michael Rudder. “When the economy settles into a more stable state, we expect that businesses and organizations will recognize the long-term benefits of office ownership and will have new ownership opportunities like the office condominiums at 65 W. 55th St.”
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).