The average asking price for New York industrial property dropped 7.3% on a year-over-year basis in the second quarter from $228.33 to $211.57. However, the .74 % decrease from Q1 to Q2 was the smallest decline we’ve seen in the last year, possibly signaling that prices for industrial properties in New York are close to reaching the bottom.
The average asking price for New York office property dropped 8.7% on a year-over-year basis in the second quarter from $297.60 to $271.72. Prices fell 1.1% from Q1 to Q2 after a modest increase in prices of 0.5% from Q4 2008 to Q1 2009.
The average asking price for multifamily properties in New York dropped 7.3% on a year-over-year basis in Q2 from $209,218/unit to $194,071/unit. However, the rate of decline appears to be slowing with the 1.14% decrease from Q1 to Q2 being the smallest price decrease in the last year.
While the average asking price for New York retail properties has increased by 1% on a year-over-year basis in Q2, there was a steep decline of 3.3% in prices from Q1 to Q2.
LoopNet is currently scheduling meetings for members in the New York area. If you’re interested in finding out how you can get the most out of your LoopNet membership, set up an appointment by emailing us at marketdev@LoopNet.com.
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You gave great information about commercial real estate prices in New York. Some of the realtors asking low commission to buy and sell real estates. Realtors help investors and consumers get great deals on Real Estate.Realtors help to save you considerable time and money while purchasing real estate.If you want to know about secrets and tricks of real estate investing, you can ask from experts. Books, CDROM course and training course in online are available to get valuable information about real estate market. To escape from recession realtors have to know about secrets.
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Isn't this the same news across the country. Commercial real estate everywhere is feeling and reeling in this economy. Investors with cash might have an opportunity to score in this market but when will they strike?
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