Executive Summary

• Q4 sales volume up 85% y-o-y
• Average price per sq. ft. rests at $729, marking 16% drop from 2016
• SL Green, RXR close the largest office deal of Q4
• Chinese investors absent from Q4 office buyers list
• Manhattan closes the year with just 1 new office delivery

After hitting a five-year low during the third quarter of 2017, the Manhattan office market gained back some steam in Q4, but not enough to bring the year to previous levels. In fact, 2017 turned out to be the weakest year in terms of office sales activity since 2013, with the yearly sales volume marking an 43% drop compared to 2016. The last three months of the year also seemed to confirm what industry experts had predicted for a while: given the increased scrutiny exerted by Beijing on outbound investments, Chinese buyers are disappearing from the U.S. office limelight. Read on to see how Manhattan’s office sales market fared during the final months of 2017, and find some insight on overall sales activity throughout the whole year.

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