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Office: Uncertainty of rising interest rates combined with work from home trend is reducing future office demand. Manhattan office availability rate dropped in the third quarter to 16.4%. Availability shrank to 16.7%. Tenants leased 9.2 million square feet, up 26% from the previous quarter and 28% from the same period last year.

Retail: Leasing has picked up dramatically, as landlords have lowered retail rents to levels tenants can afford and street traffic has picked up.

Sales: Commercial property sales are falling. In the third quarter, investors purchased $172.2 billion of commercial property, down 21% year-over-year. Pension funds are cooling on commercial real estate loans, as borrowing rates rise which is limiting new investments in the sector.

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Available direct Manhattan office space declined in all 3 office markets. Subleases for Manhattan offices increased slightly in Midtown and Downtown.

Available Manhattan Retail space that was listed was down last month. This seems counter intuitive given how many storefronts remain vacant. Two possible theories: 1. Landlords have pulled spaces off the market or 2. Prices have come down enough that leases are getting done.

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https://www.optimalspaces.com/july-2017-new-york-office-market-report/

July 2017 New York Commercial Real Estate Market Report July 2017 New York (New York City, Manhattan, NY, NYC) Office & Retail Market Overview. Page 1/16

has always been a . If companies aren’t growing, they don’t need more office space. If consumers aren’t spending, the market doesn’t need more stores.

http://tcbmag.com/Industries/Real-Estate/Caution-On-Commercial-Real-Estate

Caution On Commercial Real Estate