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July 2004 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 |
10.80 |
4.55 |
15.35 |
9.80% |
2.23% |
| Midtown South Manhattan Office Class A |
0.62 |
0.17 |
0.79 |
9.70% |
-1.01% |
| Downtown Manhattan Office Class A |
5.44 |
1.64 |
7.08 |
12.80% |
-1.58% |
| Total Manhattan Office Class A |
16.86 |
6.36 |
23.23 |
10.50% |
0.96% |
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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 |
17.41 |
8.61 |
26.02 |
12.36% |
2.80% |
| Midtown South Manhattan Office Class A |
1.19 |
0.38 |
1.57 |
11.27% |
3.37% |
| Downtown Manhattan Office Class A |
9.13 |
2.52 |
11.64 |
16.05% |
-1.47% |
| Total Manhattan Office Class A |
27.73 |
11.51 |
39.23 |
13.21% |
1.55% |
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Manhattan Class A Office Vacancies
- Total Class A vacancies increased from 23.00 million RSF to 23.23 million RSF, while Total Market vacancies decreased from 39.90 million RSF to 39.05 million RSF.
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| MANHATTAN TOTAL OFFICE MARKET VACANT SPACE (In Millions of Rentable Square Feet)) |
| |
Direct |
Sublease |
Total |
% Vacant |
% Monthly
Change |
| Midtown Manhattan Office |
16.44 |
5.42 |
21.86 |
9.50% |
0.23% |
| Midtown South Manhattan Office |
5.79 |
1.14 |
6.92 |
9.60% |
-6.41% |
| Downtown Manhattan Office |
8.25 |
2.02 |
10.27 |
12.40% |
-4.37% |
| Total Manhattan Office |
30.48 |
8.57 |
39.05 |
10.10% |
-2.16% |
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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 |
24.74 |
10.24 |
34.98 |
11.65% |
1.09% |
| Midtown South Manhattan Office |
8.59 |
1.86 |
10.44 |
11.10% |
-1.24% |
| Downtown Manhattan Office |
12.46 |
3.14 |
15.60 |
14.41% |
-3.19% |
| Total Manhattan Office |
45.79 |
15.23 |
61.02 |
12.14% |
-0.40% |
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New York City Office Vacancy Market
- Total Market Vacancies decreased as Total Direct availability decreased from 31.35 million RSF to 30.48 million RSF while Total Sublease Lease availability increased slightly from 8.54 million RSF to 8.57 million RSF.
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New York City Office Lease Market
- Total Direct Lease availability decreased from 31.35 million RSF to 30.48 million RSF, while Total Sublease vacancies increased slightly to 8.57 million RSF from 8.54 million RSF.
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New York City Office Rent Vacancy by Segments
- Total Market vacancy decreased as Midtown South availability decreased from 1.16 million RSF to 1.14 million RSF even though Midtown availability increased from 21.81 million to 21.86 million RSF. Total Downtown Vacancy rates decreased as well from 10.72 million RSF to 10.27 million RSF.
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Midtown Manhattan Office Rent
- Total Vacant space in Midtown decreased due to the decrease in Total Direct Lease space availability from 16.58 million RSF to 16.44 million RSF, in spite of Total Sublease availability increasing from 5.23 million RSF to 5.42 million RSF.
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Midtown South New York City Office Rent
- Midtown South Direct Lease availability fell from 6.21 million RSF to 5.79 million RSF, and Sublease vacancies declined from 1.16 million RSF to 1.14 million RSF.
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Downtown Manhattan Office Rent
- Total Downtown vacancies decreased as Direct Lease space increased from 8.56 million RSF to 8.25 million RSF, even though Sublease availability increased from 2.16 million RSF to 2.02 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 |
0.22 |
0.00 |
0.22 |
4.20% |
-1.80% |
| Midtown South Manhattan Retail |
0.26 |
0.04 |
0.30 |
8.30% |
15.05% |
| Downtown Manhattan Retail |
0.04 |
0.00 |
0.04 |
2.50% |
-5.56% |
| Total Retail |
0.52 |
0.40 |
0.56 |
5.60% |
7.00% |
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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 |
0.35 |
0.05 |
0.40 |
6.09% |
-6.11% |
| Midtown South Manhattan Retail |
0.44 |
0.04 |
0.48 |
8.95% |
9.43% |
| Downtown Manhattan Retail |
0.04 |
0.00 |
0.04 |
2.35% |
-10.53% |
| Total Retail |
0.82 |
0.09 |
0.91 |
6.77% |
1.87% |
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Manhattan Retail Rent Vacancy
- Total Retail availability increased from 0.52 million RSF and 0.56 million RSF. In Downtown, availability remained constant at 0.04 million RSF. Total Midtown South vacancy rates increased from 0.25 million RSF to 0.30 million RSF, while Midtown rates decreased to 0.22 million RSF from 0.23 million RSF.
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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 |
0.38 |
0.03 |
0.41 |
7.70% |
-20.92% |
| Midtown South Manhattan Industrial |
0.37 |
0.00 |
0.37 |
5.30% |
3.23% |
| Downtown Manhattan Industrial |
0.02 |
0.00 |
0.02 |
3.40% |
68.18% |
| Total Industrial |
0.77 |
0.03 |
0.80 |
6.20% |
-7.34% |
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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 |
0.74 |
0.03 |
0.77 |
12.75% |
-10.74% |
| Midtown South Manhattan Industrial |
0.42 |
0.00 |
0.42 |
5.73% |
2.82% |
| Downtown Manhattan Industrial |
0.02 |
0.00 |
0.02 |
3.34% |
68.18% |
| Total Industrial |
1.18 |
0.03 |
1.22 |
8.63% |
-4.59% |
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Manhattan Industrial Rent Vacancy
- Total Industrial Vacant space decreased from 0.86 million RSF to 0.80 million RSF due to a decrease in Total vacancies in Midtown from 0.50 million RSF to 0.41 million RSF, even though Downtown vacancies increased to 0.02 million RSF from 0.01 million RSF and Midtown South vacancies increased to 0.37 million RSF from 0.36 million RSF.
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July 2004 Real Estate Statistics