New York Tri-State Real Estate Investment Volume Ticks Up in Q2 but Remains Below Historical Norm

• New York Tri-State commercial real estate investment volume decreased by 38% year-over-year in Q2 to $7.0 billion and stands at 61% of the five year quarterly average of $11.4 billion.
• Investment ticked upwards in Q2 2024 after falling for three consecutive quarters, thanks to residential, retail, and office transactions in Upper Manhattan.

• Multifamily led all sectors for investment volume in Q2 ($2.7 billion) followed by office ($1.8 billion).
• Manhattan led the region for investment volume in Q2 2024 ($3.2 billion), contracting 27% year-over-year, followed by New Jersey ($1.7 billion), where investment fell by 40% year-over-year.
• Cross-border investment in the Tri-State region rose by 11% year-over-year to $3.8 billion for the four quarters ending in Q2 2024 on the back of separate Manhattan office, retail, and hotel acquisitions by French, Italian, and Qatari investors.
• On a trailing four-quarter basis, New York Tri-State has the highest investment volume in the country followed by Los Angeles ($28 billion) and Dallas-Ft. Worth ($17 billion).

For more CBRE capital markets insights, view the U.S. CBRE Capital Markets Report | Q2 2024.