According to New York commercial consultant Rudder Property Group's recently released biannual office condominium report for the first half of 2022, Manhattan office condo sales are on the decline.
"The combination of interest rate hikes, recession fears and inflation has caused the overall real estate market to take a pause, including Manhattan office condominiums. When the economy settles into a more stable state we expect that businesses and organizations will recognize the long term benefits of office ownership and will have new ownership opportunities like the office condominiums at 65 West 55th Street," said Michael Rudder, principal of Rudder Property Group.
The Manhattan office condominium market is composed of 103 buildings comprising a total of 11.2 million square feet. The Midtown submarket is comprised of 6.1 million square feet; Midtown South is comprised of 3 million square feet; and Downtown is comprised of 2.1 million square feet. There are 3.4 million square feet of Class A office condominiums, 5.5 million square feet of Class B, and 2.3 million square feet of Class C.
Other key findings include: