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Manhattan office development sales activity pushes ahead while other property types waver

  • ​Land / development sales activity has slowed thus far in 2017 compared with recent levels—following a macro trend—though office investments have already exceeded the recent annual historical high. Proposed office projects represent 56.3 percent of total land / development sales to date this year, far exceeding the 10.0-percent proportionate share of investment volume dedicated to this property segment observed from 2009 to 2016.
  • Strong local employment conditions, occupiers’ desire for new-construction towers, and a fluid lending environment for these projects have encouraged more office construction activity.
  • Conversely, the perception of an oversupply in the luxury residential condominium, multifamily, and hotel segments has contributed to a marked slowdown in these land trades since the 2015 peak.
  • Additional high-profile office land / development sales are pending, particularly on the thriving west side of Manhattan.​​

Source: JLL Research

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