After gaining traction in Q3 2019, sales of Manhattan office space dropped by more than $1 billion quarter-over-quarter. This led to a year-over-year drop of 12%.
The average price per square foot also dropped 40%.
Approximately 3.3 million square feet traded hands in the last three months of 2019, down 17% compared to the same time period last year.
However, overall office asking rents increased year-over-year.
The largest office deal in the fourth quarter was for 330 Madison Avenue, which sold for $875 million.