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Office Condo Sales Take Steep Plunge in 1H 2020
Manhattan saw a 66% decline in square footage in office condominium sales during the first half of 2020, according to Rudder Property Group, which specializes in the sector. The 97,969 square feet of office condos that changed hands in the year’s first six months represented the lowest total in more than a decade.
The average sales price per square foot decreased 6.8% to $826 per square foot, down from an average of $886 per square foot in the second half of 2019. The total value of sales dropped 64% from $258,737,909 to $80,937,095.
“Not surprisingly, COVID-19 halted sales through the first half of 2020 as businesses hold off on large capital expenditures to focus on staying afloat, though the fundamentals of owning your own space long-term remain strong,” said Michael Rudder. “Companies in the market right now may suddenly find themselves with more options and lower prices.”
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- ◦Economy
- ◦Sale/Acquisition
