JLL: New York City CRE investment volumes up 20% in 2015
In its Global Market Perspective for 1Q16, Jones Lang LaSalle noted that commercial real estate investment volumes in New York City rose by 20% in 2015. Capital values for prime offices rose by 9.1%. Rental yields for prime offices were 3.3%, or 153 basis points above the yield on the relevant long-dated government bond. Rents for prime office space rose by 2.9%. There was no net absorption of stock. At the end of the year, the office vacancy rate was 9.6% and the supply pipeline for 2016-17 equated to 1.1% of existing stock.
Source : JLL/ January 2016/New York City/OFF