New York, NY, January 22, 2013 --(PR.com)-- The fourth quarter of 2012 saw the NYC commercial sales volume shoot up by 73% from the previous quarter. The $11.1 billion recorded in Q4 2012 was the highest quarterly value in the last 5 years and lead to an overall increase of 4% in 2012 compared to 2011.
The number of commercial transactions (3,545) has also reached a 5-year peak in 2012, up 20% from 2011 and up14% from 2008.
Over $5 Million Transactions
· 2012 registered 687 New York City commercial transactions higher than $5 million, accounting for $23.5 billion. It's no surprise that 72% of these transactions (495 in all) were from Manhattan.
· The median sale price in Manhattan ($11 million) decreased by 24% over 2011, but registered an 8% increase compared with 2008. The over $5 million commercial transactions in NYC represented a similar trend, only the changes are slightly different.
Five Borough Overview
· Comprising 78% of the total commercial transaction activity in the City, Manhattan remained steady compared to 2011, recording $21,872,412,194 in sales volume in 2012.
· Brooklyn, however, recorded a 5-year record in 2012. With commercial transactions amounting to $3.4 billion, the borough saw a 71% Y-o-Y increase and was up 44% from 2008. A big role in the record breaking value was played by the sale of the Kings Plaza Mall for $751,000,000.
Office and Retail Buildings
· Despite the overall commercial market increase, the sales volume recorded by the office market ($14.9 billion) was down 10% in 2012 compared to 2011, but it is still 37% up over 2008. The price per square foot for this segment was $569 in 2012, reaching a 5-year high.
· With $3.25 billion, the retail market transaction volume almost doubled in 2012 compared to 2011 and was 86% higher than the value recorded in 2008.
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