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 April 2004 Manhattan Market News

 Manhattan Neighborhood Rents:  Manhattan Market Analysis
New York Real Estate News Archive 2004 News April 2004 Real Estate Report April 2004

April 2004 Commercial Real Estate Graphs and Statistics

 MANHATTAN CLASS A OFFICE VACANT SPACE (In Millions of Rentable Square Feet)
   Direct  Sublease  Total  % Vacant  % Monthly
Change
Midtown Manhattan Office Class A 10.41 4.31 14.72 9.70% -1.18%
Midtown South Manhattan Office Class A 0.62 0.17 0.80 9.40% 4.03%
Downtown Manhattan Office Class A 5.04 1.44 6.48 12.70% 3.18%
Total Manhattan Office Class A 16.07 5.92 21.99 10.40% 0.29%
           
MANHATTAN CLASS A OFFICE VACANT SPACE NOW AND IN THE NEXT TWO YEARS
(In Millions of Rentable Square Feet)
   Direct  Sublease  Total % Vacant  % Monthly
Change
Midtown Manhattan Office Class A 17.58 8.46 26.03 12.47% -0.61%
Midtown South Manhattan Office Class A 1.25 0.31 1.55 11.15% -1.35%
Downtown Manhattan Office Class A 9.11 2.94 12.05 16.55% -1.19%
Total Manhattan Office Class A 27.93 11.70 39.64 13.41% -0.82%
           
 MANHATTAN TOTAL OFFICE MARKET VACANT SPACE (In Millions of Rentable Square Feet))
   Direct  Sublease  Total  % Vacant  % Monthly
Change
Midtown Manhattan Office 16.68 5.19 21.87 9.70% -0.84%
Midtown South Manhattan Office 6.24 1.26 7.50 10.00% -3.57%
Downtown Manhattan Office 8.33 1.93 10.26 12.40% 1.50%
Total Manhattan Office 31.25 8.38 39.62 10.30% -0.75%
           
MANHATTAN TOTAL OFFICE MARKET VACANT SPACE NOW AND IN THE NEXT TWO YEARS
(In Millions of Rentable Square Feet)
   Direct  Sublease  Total % Vacant  % Monthly
Change
Midtown Manhattan Office 25.46 10.03 35.49 11.89% -0.43%
Midtown South Manhattan Office 9.02 1.91 10.93 11.62% -3.01%
Downtown Manhattan Office 12.92 3.64 16.56 15.32% -0.94%
Total Manhattan Office 47.40 15.58 62.98 12.58% -1.01%
           

April 2004 Manhattan Class A Office Rent
  • Total Class A vacancies increased slightly from 21.93 million RSF to 21.99 million RSF.
  • Total Market vacancies decreased from 39.92 million RSF to 39.62 million RSF.


April 2004 Manhattan Office Rent Vacancy

  • Total Market Vacancies fell as Total Direct availability decreased from 31.46 million RSF to 31.25 million RSF along with the decrease in Total Sublease Lease availability from 8.46 million RSF to 8.38 million RSF.

Manhattan Office Vacant Space
  • Total Direct Lease availability decreased from 31.46 million RSF to 31.25 million RSF, while Total Sublease vacancies continued their two year declined falling to a new low of 8.38 million RSF from 8.46 million RSF.

Lease Office Manhattan by Neighborhood
  • Total Market vacancy fell as Midtown availability decreased from 22.05 million RSF to 21.87 million RSF and Midtown South availability decreased from 7.77 million to 7.50 million RSF. Total Downtown Vacancy rates however, increased from 10.10 million RSF to 10.26 million RSF.

Midtown Manhattan Office Rent

Midtown Manhattan Office Rent

  • Total Vacant space in Midtown decreased due to the decrease in Total Direct Lease space availability from 16.75 million RSF to 16.68 million RSF along with the decline in Total Sublease availability from 5.30 million RSF to 5.19 million RSF.


Midtown South Manhattan Office Rent

Midtown South Manhattan Office Rent

  • Midtown South Direct Lease availability fell from 6.30 million RSF and 6.24 million RSF, and Sublease vacancies declined from 1.47 million RSF to 1.26 million RSF.


Downtown Manhattan Office Rent

Downtown Manhattan Office Rent

  • Total Downtown vacancies increased even though Direct Lease space fell from 8.40 million RSF to 8.33 million RSF, while Sublease availability increased from 1.70 million RSF to 1.93 million RSF.
 MANHATTAN RETAIL VACANT SPACE (In Millions of Rentable Square Feet)
   Direct  Sublease  Total  % Vacant
Midtown Manhattan Retail 0.24 0.00 0.24 4.50%
Midtown South Manhattan Retail 0.22 0.04 0.26 5.70%
Downtown Manhattan Retail 0.03 0.00 0.03 1.90%
Total Retail 0.49 0.04 0.53 4.60%
         
MANHATTAN RETAIL VACANT SPACES NOW AND IN THE NEXT TWO YEARS
(In Millions of Rentable Square Feet)
   Direct  Sublease  Total % Vacant
Midtown Manhattan Retail 0.37 0.05 0.42 6.52%
Midtown South Manhattan Retail 0.39 0.05 0.43 8.59%
Downtown Manhattan Retail 0.04 0.00 0.04 2.25%
Total Retail 0.79 0.09 0.88 6.81%
         


Manhattan Retail Rent Vacancy

Manhattan Retail Rent Vacancy
  • Total Retail availability decreased from 0.54 million RSF and 0.53 million RSF as all market segments saw decreased vacancy rates. In Midtown, availability decreased from 0.27 million RSF to 0.24 million RSF while Downtown remains unchanged. Total Midtown South vacancy rates increased from 0.24 million RSF to 0.26 million RSF.

  MANHATTAN INDUSTRIAL VACANT SPACE (In Millions of Rentable Square Feet)
   Direct  Sublease  Total  % Vacant
Midtown Manhattan Industrial 0.45 0.03 0.48 9.00%
Midtown South Manhattan Industrial 0.34 0.04 0.38 5.30%
Downtown Manhattan Industrial 0.00 0.00 0.00 N/A
Total Industrial 0.79 0.07 0.86 6.60%
         
MANHATTAN INDUSTRIAL VACANT SPACE NOW AND IN THE NEXT TWO YEARS
(In Millions of Rentable Square Feet)
   Direct  Sublease  Total % Vacant
Midtown Manhattan Industrial 0.85 0.03 0.88 14.54%
Midtown South Manhattan Industrial 0.35 0.04 0.39 5.39%
Downtown Manhattan Industrial 0.01 0.00 0.01 N/A
Total Industrial 1.21 0.07 1.28 9.18%
         


Manhattan Industrial Rent Vacancy

Manhattan Industrial Rent Vacancy
  • Total Industrial Vacant Space decreased from 0.94 million RSF to 0.86 million RSF due to a decrease in Total vacancies in Midtown from 0.50 million RSF to 0.48 million RSF.
  • Total vacancies in Midtown South decreased from 0.44 million RSF to 0.38 million RSF.
  • Vacancies rates in Downtown remained relatively unchanged.