At Duke Properties, we’ve always believed that New York City real estate is resilient by nature and dynamic by design. The numbers coming out of 2024 only reinforce that belief. After a few years of economic uncertainty and strategic hesitation, the NYC commercial real estate market roared back to life—recording a remarkable 26% year-over-year increase in total investment sales to $28.3 billion.
Behind this growth? Three core pillars: office, development, and multifamily. Together, they represented 70% of the city’s total investment volume and underscored the adaptability and attractiveness of the nation’s largest commercial real estate market.
Office Market Rebounds with High-Profile Deals and Smart Redeployments
The $5.4 billion in office sales, led by $5.1 billion in Manhattan alone, marked a striking 63% increase year-over-year. At Duke Properties, we see this resurgence not just as a bounce back—but as a reinvention.
Class A office spaces are once again highly desirable, driven by corporate giants like JP Morgan and Citadel, who are creating club-like environments that reflect evolving workplace culture. Meanwhile, major players like SL Green and the Rockefeller Group are executing headline-making deals that point to growing confidence in long-term commercial value.
Even Class B and C buildings—many of which traded at double-digit discounts—have opened doors for opportunistic investors, signaling a healthy repositioning cycle that will benefit the market in years to come.
NYC Commercial Real Estate: Development Sales Thrive Amid Conversions and Pro-Housing Policies
Development transactions surged 53% to $5.5 billion, driven largely by strategic conversions of underused office assets into much-needed residential space. This transition is not only smart—it’s timely.
Thanks to programs like New York State’s Housing Policy and the “City of Yes” zoning initiative, developers are now incentivized to repurpose aging commercial assets into livable, attainable homes. With tax savings of up to 90% in Manhattan and 65% in outer boroughs, the groundwork for mixed-use and residential revitalization is stronger than ever.
At Duke Properties, we champion these types of initiatives. They don’t just enhance our real estate—they uplift our neighborhoods.
Multifamily Assets Prove Their Staying Power with $8.9B in Sales
We’re especially encouraged by the wave of diverse investor participation, from private family offices to major real estate funds. As rent-stabilized buildings sold at discounts of up to 68%, many buyers saw value in repositioning or transitioning to affordable housing models—a testament to NYC’s flexibility and depth across housing segments.
Looking Ahead: More Momentum, More Opportunity
While we remain cautiously optimistic about the broader economy, New York’s real estate foundation is solidifying. With over $1 trillion in mortgage maturities on the horizon, refinancing pressures may create more acquisition opportunities. And with programs like 485x and continued pro-growth policies, we expect 2025 to bring increased transaction volume and early signs of pricing recovery.
At Duke Properties, we remain committed to identifying value, supporting thoughtful redevelopment, and investing in assets that serve New Yorkers for generations to come. Whether it’s adapting old offices into vibrant housing or contributing to the city’s affordable housing goals, we believe the best opportunities arise where progress meets purpose.
Here’s to a stronger, smarter, and more inclusive NYC real estate market—built for resilience and poised for renewal.
— Albert Dweck
Founder & CEO, Duke Properties