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NY commercial property market goes cold

Sales of office towers, hotels, stores and other buildings are forecast to fall as much as 30% this year

Published Thu, Apr 14, 2016 · 09:50 PM
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New York

DEALS for a piece of New York's iconic skyline are drying up.

About US$14 billion of commercial real estate changed hands in the biggest US property market in the first three months of the year, the lowest tally since the third quarter of 2014, data from Cushman & Wakefield Inc show.

Sales of office towers, hotels, stores and other buildings are forecast to drop as much as 30 per cent this year in Manhattan and the surrounding boroughs after a record US$75.5 billion of deals in 2015, according to the brokerage.

Evidence is piling up that six years of record-shattering price growth for US commercial real estate is hitting a wall. Buyers and sellers in Manhattan, a magnet for property investor…

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