112. What’s Driving Manhattan’s $7B CRE Market? featuring Michael A. Tortorici, Christoffer Brodhead, & Howard Raber
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112. What’s Driving Manhattan’s $7B CRE Market? featuring Michael A. Tortorici, Christoffer Brodhead, & Howard Raber
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Shimon Shkury, President and Founder of Ariel Property Advisors, Mike Tortorici, Founding Partner, Chris Brodhead, Senior Director, and Howard Raber, Director, unpack the findings of Ariel's Manhattan 2025 Mid- Year Commercial Real Estate Trends report. They discussed Manhattan's strong real estate performance in the first half of the year, with nearly $7 billion in dollar volume driven by the sale of exceptional Class A office, free market buildings, development sites and retail.
Key Manhattan report highlights include:
- Investors are paying top dollar for Class A office assets because high quality tenants are seeking buildings with amenities in great locations.
- The recently approved Midtown South rezoning could revitalize Class B and C office stock in the area due to the potential for office-to-residential conversions.
- The development market saw a significant upswing with the $/BSF reaching $488 in the first half of the year, a 15% improvement over the 2024 and the highest level since 2021.
- Strong rental fundamentals and the below-peak basis are attracting investors to free market buildings, which saw the average $/SF at just under $800, up 4% year-over-year but 27% lower than peak values.
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