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Office deals in Manhattan slow YOY, deal volume picks up in NYC's outer boroughs

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Office deals in Manhattan slow YOY, deal volume picks up in NYC's outer boroughs

While Manhattan, N.Y., maintained its ranking as the top market for office transaction deal volume for the 12 months ended March 31, at $15.27 billion, deal volume in the market declined 15.7% year over year, according to data from Real Capital Analytics.

Meanwhile, office deal volume in New York City's outer boroughs soared 168.6% year over year during the 12-month period to $2.68 billion.

The majority of markets logged yearly increases in retail transaction volume during the period. Los Angeles topped the list, logging 157 retail transactions totaling $5.15 billion in deal volume, a 47.3% increase year over year in terms of total dollar amount. Manhattan and Houston followed, with retail transaction volume up 35.6% and 119%, respectively.

Chicago led with the largest industrial deal volume for the 12 months, at $5.77 billion, while Dallas led for apartment volume, at $9.19 billion.

Within the most populous U.S. markets, apartment deals continued to average the lowest cap rates of all property types. Apartment transactions in Los Angeles averaged cap rates of 4.4%, while deals in New York City's outer boroughs and San Diego averaged 4.5% cap rates. Apartment transactions in the Seattle and Boston markets also averaged sub-5% cap rates.

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