It’s going to be a dismal year for Manhattan investment sales. That much is already clear: In the first nine months of 2007, $42.4 billion in buildings and building portfolios traded; in the first nine months of this year, $18.7 billion did. That’s according to Cushman & Wakefield numbers for deals of at least $10 million.
Above, the C&W Capital Markets Group breaks down the trades in ’08 as of Sept. 30.
Note the dominance of Class A office space–55 percent of investment deals this year. That percentage should dwindle in 2009, as the credit markets and foreign investment that fuel the bigger Manhattan trades continue to dry up. Smaller trades could be The New Big!