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AM NEW YORK --Manhattan has nation's priciest commercial real estate: Report
September 24, 2014
Michael Slattery, a senior vice president at the Real Estate Board of New York, said the market is driven in no small part by the fact that huge firms want to move to Manhattan.
"We do have a wealth of cultural institutions and entertainment opportunities so there is a broad range of appeal," he said.
Researcher Palak Raval, who co-wrote the report, said Transwestern looked at only office properties that sold for at least $2.5 million this year and it is currently working on doing an analysis on 10-year trends for the cities.
Slattery said Manhattan's commercial market has been rebounding since 2008 and there has been a boost in Midtown South.
"It seems as if it's become a very desirable location, especially with the transformation of older buildings," he said.
Although the report didn't look at the retail sector of commercial real estate, Slattery said that area played a big part in this year's uptick in office sales.
"If a segment of the market is doing well it spills over to other markets," he said.