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5 •SALE/PURCHASE TRENDS
•2019 TRENDS TO WATCH
6 MAP OF MANHATTAN
TRANSACTIONS
Leasing in 2018 was defined by robust activity in the education industry, which
accounted for 30.8% of the total sector's leasing
Despite signing no new leases in 2018, religious organizations were active in the
investment sales market, participating in 80 of the 158 not-for-profit or public
sector transactions that took place throughout New York City
cushmanwakefield.com | 3
Not-For-Profit & Public Sector Year-in-Review 2018
New York City’s not-for-profit and public sector lease, sale, and purchase activity totaled 9.3 million square
feet (msf) in 2018. This is 6.8% below 2017’s record high of 10.0 msf, but 52.9% above the five-year annual
historical average of 6.1 msf. In total, there were 285 transactions completed in 2018—19.7% above the
previous record of 238 in 2017. The slowdown was primarily the result of a decline in leasing activity from
2017’s all-time high. Annual leasing activity for 2018 measured 4.3 msf—down 28.4% from 6.0 msf in 2017.
However, activity remained robust in 2018 as a result of record capital markets volume, with more than
$2.7 billion traded—the highest on record and a 54.6% increase from 2017.
8.0
market average of $66.63 sf. This is primarily due
$176.1M to develop in a
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cushmanwakefield.com | 7
About Cushman & Wakefield
Cushman & Wakefield closed 38 transactions in the not-for-profit and public sectors
in 2018. These comprised approximately 2.2 million square feet out of 4.3 million
square feet leased, for a market share in excess of 50% in New York City. The
Not-for-Profit Practice Group’s successes included transactions that created
productive and collaborative space for NYC School Construction Authority, NYC
Housing Authority, Community Preservation Corp, Tide Center/Opportunity
Agenda, Services for the UnderServed, Doe Fund, SCAN New York, Citizens Union,
Community Access, National Domestic Workers Alliance, Presbyterian Senior
Services, Healthcare Chaplaincy Network, ACMH, Inc., and Educational Alliance.
The group’s clients span across a wide spectrum, including educational leaders,
museums, affordable housing builders, community-based providers of social services
and sophisticated governmental entities. Approximately half of all efforts included
traditional brokerage activities (leasing, acquisition, disposition, and sales), and
the balance involved providing advisory services such as site location to maximize
social impact, placement of schools in response to changing demographics, building
consensus among real estate stakeholders, and helping not-for-profits navigate buy-
versus-lease decisions. For more information, contact members of the Not-For-Profit
Practice Group or visit our website at cushmanwakefield.com/en/sectors/nonprofit.
Authored By:
Timothy Coy
Senior Analyst
1290 Avenue of the Americas
New York, NY | USA
+1 212 660 7715
timothy.coy@cushwake.com
© 2019 Cushman & Wakefield. All rights reserved. The information contained within this report is gathered from multiple sources considered to be reliable. The information may contain errors or
omissions and is presented without any warranty or representations as to its accuracy.