NYC Commercial Sales Volume Peaks in 2012
- Feb 19, 2013
The NYC commercial sales volume and number of transactions reached a new high in 2012.
In comparison to last year, 2012 saw an overall increase in sales volume of 4 percent. This was mostly due to the surge registered in the last quarter of the year, when the numbers show that the commercial sales volume shot up by 73 percent from the previous quarter.
The $11.1 billion recorded in the fourth quarter of 2012 was the highest quarterly value registered in the last five years.
PropertyShark, a division of Yardi Systems Inc.
This five-year high is also supported by the number of commercial transactions. As the chart shows, these values registered a 20 percent increase in comparison to the previous year.
Another important marker, transactions over $5 million, recorded a slight decrease. But while Manhattan maintained its position from 2011, Brooklyn set the record in 2012 for commercial transactions, owing mostly to the sale of the Kings Plaza Mall, located within its borders.
A new record was set in the office building sector for price per square foot, which reached $569 in 2012. Despite this, the office market showed a 10 percent decrease in sales volume in the last year. The same cannot be said for the retail market, which almost doubled its transaction volume in 2012 in comparison to 2011.
PropertyShark, a division of Yardi Systems Inc., aggregates real estate data and listings to provide property reports, pre-foreclosure and foreclosure listings, sales comparables, maps, building photos, for sale listings, and for lease listings.