NEW YORK CITY-Nationally, sale volume has been relatively light in the retail sector, with only $3 billion of significant retail properties closed and no major portfolio transactions or major regional mall sales reported. Despite the weak sale volume, pricing has yet to show any consistent trend of weakening, according to a market report by Real Capital Analytics. On the other hand, the office sector has soared with sales reaching $17 billion in May, driven by major CBD properties and portfolio sales.

On a local level, as far as activity goes, Dan Fasulo, managing director of Real Capital Analytics, tells that in New York City, office properties are larger in nature than retail properties as far as actual sale volume. “In New York City specifically, we have already crossed the total office sale record from last year mainly because of trophy assets,” he says.

One such asset he refers to, is Macklowe Properties purchase of former Equity Office Properties Trust properties for $7 billion earlier this year, after Blackstone defeated Vornado for the company and acquired the Manhattan buildings as previously reported.

“That purchase created a new pricing level for the market,” he says. “It brought many willing sellers to the table and created an explosive market.”

Fasulo projects to see a continuing trend because the demand will be there. In the retail market, Fasulo explains that there is a finite amount of retail property in New York City. “Most retail is part of a mixed-use property here,” he says. “Nationwide, an overwhelming majority of retail is big box centers and strip centers.”

In other property types, prices for industrial land have surge through the country, while multifamily land prices offer mixed results, with condo sites declining in volume, according to the report.

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