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February 2004 Commercial Real Estate Graphs and Statistics |
| MANHATTAN CLASS A OFFICE VACANT SPACE (In Millions of Rentable Square Feet)) |
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Direct |
Sublease |
Total |
% Vacant |
% Monthly
Change |
| Midtown Manhattan Class Office Class A |
10.5 |
4.49 |
14.99 |
10 % |
-1.85 % |
| Midtown South Manhattan Office Class A |
0.61 |
0.19 |
0.8 |
9.8 % |
10.54 % |
| Downtown Manhattan Office Class A |
5.22 |
1.16 |
6.38 |
11.7 % |
-6.44 % |
| Total Manhattan Office Class A |
16.33 |
5.84 |
22.17 |
10.4 % |
-2.72 % |
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MANHATTAN CLASS A OFFICE VACANT SPACE NOW AND IN THE NEXT TWO YEARS
(In Millions of Rentable Square Feet) |
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Direct |
Sublease |
Total |
% Vacant |
% Monthly
Change |
| Midtown Manhattan Office Class A |
17.67 |
8.74 |
26.41 |
12.64 % |
-19.32 % |
| Midtown South Manhattan Office Class A |
1.3 |
0.37 |
1.66 |
11.83 % |
1.75 % |
| Downtown Manhattan Office Class A |
9.1 |
2.87 |
11.97 |
16.43 % |
-16.11 % |
| Total Manhattan Office Class A |
28.07 |
11.98 |
40.05 |
13.54 % |
-17.49 % |
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Manhattan Class A Office Rent
- Total Manhattan Office Class A vacancies decreased from 22.77 million RSF to 22.17 million RSF.
- Total Manhattan Office Market vacancies increased from 40.54 million RSF to 40.26 million RSF.
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| MANHATTAN TOTAL OFFICE MARKET VACANT SPACE (In Millions of Rentable Square Feet)) |
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Direct |
Sublease |
Total |
% Vacant |
% Monthly
Change |
| Midtown Manhattan Office |
16.69 |
5.49 |
22.18 |
9.8 % |
-0.92 % |
| Midtown South Manhattan Office |
6.36 |
1.66 |
8.01 |
10.5 % |
3.37 % |
| Downtown Manhattan Office |
8.45 |
1.61 |
10.06 |
11.5 % |
-3.5 % |
| Total Manhattan Office |
31.5 |
8.75 |
40.26 |
10.3 % |
-0.71 % |
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MANHATTAN TOTAL OFFICE MARKET VACANT SPACE NOW AND IN THE NEXT TWO YEARS
(In Millions of Rentable Square Feet) |
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Direct |
Sublease |
Total |
% Vacant |
% Monthly
Change |
| Midtown Manhattan Office |
25.44 |
10.39 |
35.83 |
12.01 % |
-15.31 % |
| Midtown South Manhattan Office |
8.84 |
2.38 |
11.21 |
11.97 % |
-0.81 % |
| Downtown Manhattan Office |
12.87 |
3.55 |
16.41 |
15.16 % |
-11.82 % |
| Total Manhattan Office |
47.14 |
16.31 |
63.45 |
12.69 % |
-11.85 % |
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Manhattan Office Rent Vacancy
- Total Manhattan Office direct lease vacancy increased from 31.29 million RSF to 31.5 million RSF.
- Manhattan Office Sublease vacancy decreased from 9.25 million RSF to 8.75 million RSF.
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Manhattan Office Rent Vacancy by Area
- Total Manhattan Office Market vacancies increased from 40.54 million RSF to 40.26 million RSF.
- Total Midtown Office vacancy decreased from 22.39 million RSF to 22.18 million RSF.
- Total Midtown South Office vacancy increased from 7.74 million RSF to 8.01 million RSF.
- Total Downtown Office vacancy decreased from 10.42 million RSF to 10.06 million RSF.
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Midtown Manhattan Office Rent
- Total vacant Office Direct Space in Midtown Manhattan increased from 16.55 million RSF to 16.69 million RSF.
- Total vacant Office Sublease Space in Midtown Manhattan decreased from 5.84 million RSF to 5.49 million RSF.
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Midtown South Manhattan Office Rent
- Total vacant Office Direct Space in Midtown South Manhattan increased from 6.12 million RSF to 6.36 million RSF.
- Midtown South Manhattan Sublease vacancies increased from 1.62 million RSF to 1.66 million RSF.
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Downtown Manhattan Office Rent
- Total Downtown Manhattan Office Direct Lease Space decreased from 8.62 million RSF to 8.45 million RSF.
- Total Downtown Manhattan Office Sublease Vacancies decreased from 1.8 million RSF to 1.61 million RSF.
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| MANHATTAN RETAIL VACANT SPACE (In Millions of Rentable Square Feet) |
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Direct |
Sublease |
Total |
% Vacant |
% Monthly
Change |
| Midtown Manhattan Retail |
0.21 |
0 |
0.21 |
3.4 % |
13.53 % |
| Midtown South Manhattan Retail |
0.2 |
0.04 |
0.23 |
4.8 % |
0.43 % |
| Downtown Manhattan Retail |
0.03 |
0 |
0.03 |
2.2 % |
-6.06 % |
| Total Retail |
0.44 |
0.04 |
0.47 |
3.8 % |
5.72 % |
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MANHATTAN RETAIL VACANT SPACES NOW AND IN THE NEXT TWO YEARS
(In Millions of Rentable Square Feet) |
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Direct |
Sublease |
Total |
% Vacant |
% Monthly
Change |
| Midtown Manhattan Retail |
3.1 |
0.05 |
3.15 |
34.56 % |
89.55 % |
| Midtown South Manhattan Retail |
0.39 |
0.05 |
0.43 |
8.62 % |
-5.34 % |
| Downtown Manhattan Retail |
0.04 |
0 |
0.04 |
2.71 % |
-19.05 % |
| Total Retail |
3.53 |
0.09 |
3.62 |
23.12 % |
76.99 % |
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Manhattan Retail Rent Vacancy
- Total Available Manhattan Retail Space increased from 0.45 million SF to 0.47 million SF.
- Midtown vacancy increased from 0.18 million SF to 0.21 million SF.
- Midtown South Retail space vacancies increased from 0.23 million SF to 0.23 million SF.
- In Downtown, Retail vacancy decreased from 0.04 million SF to 0.03 million SF.
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| MANHATTAN INDUSTRIAL VACANT SPACE (In Millions of Rentable Square Feet) |
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Direct |
Sublease |
Total |
% Vacant |
% Monthly
Change |
| Midtown Manhattan Industrial |
0.62 |
0.03 |
0.65 |
11.7 % |
-1.22 % |
| Midtown South Manhattan Industrial |
0.35 |
0.04 |
0.39 |
5.9 % |
4.65 % |
| Downtown Manhattan Industrial |
0 |
0 |
0 |
1 % |
0 % |
| Total Industrial |
0.97 |
0.07 |
1.04 |
8.1 % |
0.96 % |
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MANHATTAN INDUSTRIAL VACANT SPACE NOW AND IN THE NEXT TWO YEARS
(In Millions of Rentable Square Feet) |
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Direct |
Sublease |
Total |
% Vacant |
% Monthly
Change |
| Midtown Manhattan Industrial |
0.98 |
0.03 |
1.01 |
16.9 % |
-0.79 % |
| Midtown South Manhattan Industrial |
0.43 |
0.04 |
0.47 |
6.29 % |
-4.26 % |
| Downtown Manhattan Industrial |
0.01 |
0 |
0.01 |
100 % |
0 % |
| Total Industrial |
1.42 |
0.07 |
1.49 |
10.61 % |
-1.88 % |
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Manhattan Industrial Rent Vacancy
- Total Vacant Manhattan Industrial Space increased from 1.03 million RSF to 1.04 million RSF.
- Midtown vacancy decreased from 0.66 million RSF to 0.65 million RSF.
- Midtown South Industrial space vacancies increased from 0.37 million RSF to 0.39 million RSF.
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Manhattan Retail & Office Space Search
February 2004 Manhattan Market News