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2024 Overview
Residential Market:
• Sales Activity: The third quarter of 2024 saw a recovery in buyer engagement, with increased closings and signed contracts year-over-year.
• Pricing Trends: Median home prices dropped slightly by 4%, settling at $1.34 million, reflecting the impact of higher mortgage rates and inflation.
• Inventory Levels: New listings fell by 15.4% compared to last year, creating a more competitive market environment.
Office Market:
• Investment Activity: High-profile transactions, like Munich Re’s $500M+ purchase of 320 Park Avenue, showed renewed confidence in Manhattan’s premium office space.
• Occupancy Rates: Office visitation rates reached 67% of 2019 levels, with Class A+ buildings achieving 79%, highlighting strong demand for top-tier spaces.
2025 Prognosis
• Residential: Stabilization is expected, with gradual price increases as mortgage rates moderate.
• Office: Developers are focusing on premium office spaces, indicating potential shortages in this segment despite vacancies in lower-tier properties.