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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.”
- ◦Sale/Acquisition
