NYC office market on pace to surpass first quarter sales
The New York City office market sales volume thus far in the second quarter is well on its way to exceeding the first quarter 2016 sales volume, according to Real Capital Analytics.
The first quarter 2016 NYC office sales volume totaled approximately $6.8 billion. And thus far this quarter, 19 offices have been sold, totaling more than $6.3 billion. However, the total sales volumes of both quarters have declined compared to 2015 quarters, which averaged more than $8.3 billion in sales volume per quarter.
The fourth quarter 2015, the highest priced quarter since 2013, totaled $9.76 billion in completed deals. And during the first quarter 2015, sales totaled $8.123 billion.
The decline in NYC office sales volume, does not necessarily mean a decrease in investors’ activity. According to