According to Cushman & Wakefield, the commercial property investments in New York during 2011 in expiring positive growth momentum with approximately $5.5 billion worth of transactions taking place during the first quarter of 2011. ?This figure has lot of significance as total commercial property transactions in Manhattan were $13.6 billion in 2010 while during 2009, the figure was meager $3.5 billion.
Midtown area led the market in terms of investment activity with transition volume of $4.0 billion during the first quarter of 2011 compared with $1.7 billion in 2010. Midtown area experienced growth of nearly 100% as commercial property transactions increased from $514 million in 2010 to $1.0 billion in 2011. ?While for Downtown, property transactions increased from $128 million to $417 million, an increase of 225%.
In Manhattan, Class ? A office space and hotel assets attracted most of the commercial property investment during the first quarter of 2011. Class-A office premises attracted about $2.0 billion while hotel assets transaction were worth $1.3 billion. Combined investment in both of these segments accounted for about 60% total commercial real estate transactions in New York during the first quarter of 2011. Health employment growth in Manhattan has led to strong investment in Class-A office properties while New York?s city?s identity as one of most important premier tourist destination is driving the demand into hotel properties.
In terms of investor categories, private capital and real estate investment trusts (REITs) are the leading investor groups with combined transaction volume of $3.7 billion during the first three months of 2011. This is about 68% of the total commercial real estate investment in Manhattan during the first quarter. While foreign investors accounted for about 14% followed by pension funds with 12.3% and corporate users with 6.1%.
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