After nearly two years of repricing, Q2 2024 gave the clearest sign yet that Manhattan commercial real estate was finding its footing: transaction volume rose 22% quarter-over-quarter.
Key Market Indicators
- Transaction volume up 22% QoQ
- Cap rate compression of 15-25 bps in multifamily
- Office trades resuming with realistic basis expectations
- Development site activity picking up in target neighborhoods
Buyer Composition Shifting
Private capital dominated Q2, and institutional investors are coming back to the table. Foreign capital, particularly from Asia and the Middle East, is raising its NYC allocation.

