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Mailing Address |
| 57 West 38th Street, 10th Floor |
| New York, NY 10018 |
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Telephone |
| 212-258-2700 |
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Fax |
| 212-409-8846 |
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January 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 New York City Office A |
10.47 |
4.80 |
15.27 |
10.80% |
-21.1% |
| Midtown South Manhattan Office A |
0.52 |
0.19 |
0.71 |
9.10% |
-17.1% |
| Downtown New York City Office A |
5.46 |
1.33 |
6.79 |
12.60% |
-15.5% |
| Total New York City Office A |
16.46 |
6.32 |
22.77 |
11.20% |
-19.3% |
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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 New York City Office A |
22.40 |
9.12 |
31.52 |
14.03% |
-2.10% |
| Midtown South Manhattan Office A |
1.23 |
0.41 |
1.63 |
11.35% |
-3.00% |
| Downtown New York City Office A |
10.93 |
2.97 |
13.90 |
14.78% |
-1.30% |
| Total
New York City Office A |
34.56 |
12.49 |
47.05 |
14.13% |
-1.89% |
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Manhattan Class A Office Vacancies
- Total Class A vacancies increased slightly from 27.03 million RSF to 27.17 million RSF.
- Total Market vacancies decreased slightly from 48.00 million RSF to 47.65 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 New York City Office |
16.55 |
5.84 |
22.39 |
10.20% |
-20.3% |
| Midtown South Manhattan Office |
6.12 |
1.62 |
7.74 |
9.50% |
-15.7% |
| Downtown New York City Office |
8.62 |
1.80 |
10.42 |
11.30% |
-13.1% |
| Total Office Manhattan |
31.29 |
9.25 |
40.54 |
10.30% |
-17.5% |
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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 New York City Office |
30.57 |
10.74 |
41.31 |
12.91% |
-1.82% |
| Midtown South Manhattan Office |
8.92 |
2.38 |
11.30 |
11.61% |
-0.80% |
| Downtown New York City Office |
14.68 |
3.68 |
18.35 |
13.37% |
-1.36% |
| Total Office
Manhattan |
54.17 |
16.80 |
70.97 |
12.80% |
-1.54% |
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New York City Office Vacancy Market
- Total Market Vacancies fell as both Total Direct and Sublease Lease availability declined from 37.08 million RSF to 36.86 million RSF and from 10.92 million RSF to 10.79 million RSF respectively.
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New York City Office Lease Market
- Total Direct Lease availability declined from 37.08 million RSF to 36.86 million RSF, while Total Sublease vacancies continued their two year declined falling to a new low of 10.79 million RSF from 10.92 million RSF.
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New York City Office Rent Vacancy by Segments
- Total Market vacancy fell as Midtown and Midtown South availability decreased from 27.22 million RSF to 26.92 million RSF and from 9.28 million to 8.95 million RSF respectively. Total Downtown Vacancy rates rose from 11.50 million RSF to 11.78 million RSF.
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Midtown New York City Office Rent
- Total Vacant space in Midtown decreased as the decline Total Direct Lease space availability from 20.55 million RSF to 20.08 million RSF outweighed the slight rise in Total Sublease availability from 6.67 million RSF to 6.84 million RSF.
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Midtown South New York City Office Rent
- Midtown South Direct Lease availability fell 7.17 million RSF and 7.09 million RSF, while Sublease vacancies declined from 2.11 million RSF to 1.87 million RSF.
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Downtown New York City Office Rent
- Total Downtown vacancies rose as the increase in Direct Lease space from 9.36 million RSF to 9.69 million RSF outweighed the fall in Sublease availability from 2.14 million RSF to 2.08 million RSF.
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| MANHATTAN RETAIL VACANT SPACE (In Millions of Rentable Square Feet) |
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Direct |
Sublease |
Total |
% Vacant |
| Midtown Manhattan Retail |
0.18 |
0.00 |
0.18 |
4.50% |
| Midtown South Manhattan Retail |
0.20 |
0.04 |
0.24 |
8.40% |
| Downtown Manhattan Retail |
0.04 |
0.00 |
0.04 |
2.60% |
| Total Retail |
0.42 |
0.04 |
0.46 |
5.70% |
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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 |
| Midtown Manhattan Retail |
0.28 |
0.05 |
0.33 |
5.12% |
| Midtown South Manhattan Retail |
0.41 |
0.05 |
0.46 |
8.94% |
| Downtown Manhattan Retail |
0.05 |
0.00 |
0.05 |
2.57% |
| Total Retail |
0.74 |
0.09 |
0.83 |
6.19% |
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Manhattan Retail Rent Vacancy
- Total Retail availability declined from 0.48 million RSF and 0.45 million RSF as all three market segments saw decreased vacancy rates. In Midtown and Midtown South availability increased from 0.18 million RSF to 0.17 million RSF and from 0.25 million RSF to 0.24 million RSF respectively. Total Downtown Vacancy rates increased from 0.05 million RSF to 0.04 million RSF.
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| MANHATTAN INDUSTRIAL VACANT SPACE (In Millions of Rentable Square Feet) |
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Direct |
Sublease |
Total |
% Vacant |
| Midtown Manhattan Industrial |
0.63 |
0.03 |
0.66 |
16.30% |
| Midtown South Manhattan Industrial |
0.33 |
0.04 |
0.37 |
5.80% |
| Downtown Manhattan Industrial |
0.00 |
0.00 |
0.00 |
N/A |
| Total Industrial |
0.96 |
0.07 |
1.03 |
6.90% |
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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 |
| Midtown Manhattan Industrial |
0.99 |
0.03 |
1.02 |
15.87% |
| Midtown South Manhattan Industrial |
0.45 |
0.04 |
0.49 |
6.23% |
| Downtown Manhattan Industrial |
0.01 |
0.00 |
0.01 |
N/A |
| Total Industrial |
1.45 |
0.07 |
1.52 |
9.89% |
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Manhattan Industrial Rent Vacancy
- Total Industrial Vacant space decreased from 1.07 million RSF to 1.06 million RSF due to a decline in Total vacancies in Midtown South from 0.39 million RSF to 0.38 million RSF. Vacancies rates in Midtown and Downtown remained unchanged.
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