August 11, 2014
Dear Friends and Colleagues:
I am pleased to release the most recent RPG Office Condominium Report.
This report provides an overview of the Manhattan office condominium sales market in the first half of 2014 and it includes historical sales data, an in-depth look at submarket sales statistics, and the citywide office condominium availability rates. The report highlights the following trends:
- Supply Constrained: The availability of office condominium units for sale remains very low which resulted in the number of sales in the first half of 2014 being 25% less than the five year average. Until there is a significant increase in office condominium availability the sales statistics will continue to remain low.
- Increased Pricing: The average price per square foot is 11% higher than the five year average. The lack of office condominium availability coupled with a strong demand from buyers has led to an increase in pricing. Sales of larger, less expensive units in Downtown buildings have skewed the overall statistics downward.
- Non-Profits Trade Buildings for Condos: Non-profit organizations have been taking advantage of the strong investment sales market by selling their buildings and purchasing less expensive and more efficient office condominiums. In this Report, we explore some of the non-profits that have recently capitalized on this trend.
Rudder Property Group specializes in the sale of office condominiums in the New York Metropolitan area. With over a decade of experience in this niche market, the principals of Rudder Property Group have sold over 700,000 square feet of office condominiums with a dollar value in excess of $300 million. In the small, highly specialized field of office condominium sales, Rudder Property Group is the market leader.
The
RPG Office Condominium Report can
be downloaded at www.rudderpg.com/Publications. For more information about Rudder Property Group's services and the Manhattan office condominium market, please contact me at (212) 966-3611.
Best regards,
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