Gap in Manhattan’s Office Investment Sales Market Sparks Opportunity for Smaller Investors

The Manhattan office investment sales market, which has typically been dominated by institutional investors, recently welcomed a new entrant. As a growing number of institutions move to the sidelines at a time when the investment appeal of office properties has lowered amid high vacancies, the door has opened to an otherwise difficult market to enter for some family offices and smaller investors to take advantage of the opportunity and fill some of the gap. Among the 11 Manhattan office sales transactions that closed for at least $50 million in the second half of 2022, 7 featured a family office or non-institutional investor as the buyer.