Optimal Spaces Inc. (lease office manhattan)
 
 
   


New York Real Estate News Archive 2006 News May 2006 Real Estate Report May 2006

May 2006 Graphs and Statistics

 
 NEW YORK CITY CLASS A OFFICE VACANT SPACE (In Millions of Rentable Square Feet))
   Direct  Sublease  Total  % Vacant  % Monthly
Change
New York City Midtown Office A 8.48 1.80 10.28 6.10% -3.37%
New York City Midtown South Office A 0.46 0.13 0.60 5.70% -0.50%
New York City Downtown Office A 4.10 1.26 5.36 9.10% -4.39%
Total New York City Office A 13.05 3.19 16.24 6.80% -3.60%
 
NEW YORK CITY CLASS A OFFICE VACANT SPACE NOW AND IN THE NEXT TWO YEARS
(In Millions of Rentable Square Feet)
   Direct  Sublease  Total % Vacant  % Monthly
Change
New York City Midtown Office A 15.60 4.97 20.57 9.67% -1.96%
New York City Midtown South Office A 0.66 0.21 0.87 6.59% +0.46%
New York City Downtown Office A 6.49 1.83 8.33 11.83% -2.29%
Total New York City Office A 22.75 7.02 29.77 10.04% -1.32%
 
 NEW YORK CITY TOTAL OFFICE MARKET VACANT SPACE (In Millions of Rentable Square Feet)
   Direct  Sublease  Total  % Vacant  % Monthly
Change
New York City Midtown Office 12.19 2.28 14.48 5.90% -3.07%
New York City Midtown South Office 3.67 0.64 4.31 5.60% +7.73%
New York City Downtown Office 7.04 1.59 8.63 10.00% -2.35%
Total New York City Office 22.90 4.52 27.42 6.70% -1.15%
 
NEW YORK CITY TOTAL OFFICE MARKET VACANT SPACE NOW AND IN THE NEXT TWO YEARS
(In Millions of Rentable Square Feet)
   Direct  Sublease  Total % Vacant  % Monthly
Change
New York City Midtown Office 21.11 6.20 27.31 8.93% -1.59%
New York City Midtown South Office 6.84 0.95 7.79 8.08% +0.08%
New York City Downtown Office 9.91 2.62 12.54 11.81% -1.29%
Total New York City Office 37.86 9.78 47.64 9.37% -1.24%
 

New York City Class A Office Rent

Manhattan Class A Office Rent
  • Total New York City Office Class A vacancies decreased from 16.82 million RSF to 16.24 million RSF.
  • Total New York City Market vacancy decreased from 27.74 million RSF to 27.42 million RSF.


New York City Office Rent Vacancy

Manhattan Office Rent Vacancy

  • Total New York City Office direct lease vacancy decreased from 23.23 million RSF to 22.90 million RSF.
  • Total New York City Sublease vacancy increased from 4.50 to 4.52 million RSF.


New York City Office Rent Vacancy by Area

Manhattan Office Rent Vacancy by Area
  • Total New York City Office Market vacancies decreased again even though Midtown South Office vacancy rose from 3.98 to 4.31 million RSF.
  • New York City Midtown Office vacancy dropped from 14.92 million to 14.48 million RSF.
  • Total New York City Downtown Office vacancy rates also decreased from 8.84 million RSF to 8.63 million RSF.


New York City Midtown Office Rent

Midtown Manhattan Office Rent

  • Total vacant Office Space in New York City Midtown decreased led by a decrease in total direct lease space from 12.64 to 12.19 million RSF.
  • Total vacant sublease space dropped slightly from 2.29 to 2.28 million RSF.

Midtown South New York City Office Rent

Midtown South Manhattan Office Rent

  • Midtown South Office direct lease vacancy increased from 3.43 million RSF to 3.67 million RSF.
  • Midtown South Office sublease vacancies rose from 0.55 to 0.64 million RSF.

New York City Downtown Office Rent

Downtown Manhattan Office Rent

  • Total New York City Downtown Office vacancies decreased with direct lease space decreasing from 7.17 million RSF to 7.04 million RSF.
  • Total New York City Downtown Office sublease vacancy decreasing from 1.67 to 1.59 million RSF.
  NEW YORK CITY RETAIL VACANT SPACE (In Millions of Rentable Square Feet)
   Direct  Sublease  Total  % Vacant  % Monthly
Change
New York City Midtown Retail 0.16 0.01 0.16 2.10% +19.02%
New York City Midtown South Retail 0.27 0.01 0.28 5.80% -7.17%
New York City Downtown Retail 0.16 0.00 0.17 4.20% +10.78%
Total Retail 0.58 0.03 0.61 3.70% +4.76%
 
NEW YORK CITY RETAIL VACANT SPACES NOW AND IN THE NEXT TWO YEARS
(In Millions of Rentable Square Feet)
   Direct  Sublease  Total % Vacant  % Monthly
Change
New York City Midtown Retail 0.33 0.01 0.34 3.87% +16.27%
New York City Midtown South Retail 0.36 0.02 0.38 6.97% -9.45%
New York City Downtown Retail 0.20 0.01 0.20 4.56% +5.00%
Total Retail 0.88 0.04 0.92 5.02% +3.16%
 

New York City Retail Rent Vacancy

Manhattan Retail Rent Vacancy
  • Total available New York City Retail Space rose from 0.58 to 0.61 million RSF.
  • Midtown South Retail space vacancies dropped from 0.29 to 0.27 million RSF.
  • Midtown vacancy jumped from 0.13 to 0.16 million RSF.
  • In Downtown, vacancy rose from 0.15 to 0.17 million RSF.

  NEW YORK CITY INDUSTRIAL VACANT SPACE (In Millions of Rentable Square Feet)
   Direct  Sublease  Total  % Vacant  % Monthly
Change
New York City Midtown Industrial 0.16 0.00 0.16 2.90% 0.00%
New York City Midtown South Industrial 0.13 0.00 0.13 1.90% +0.77%
New York City Downtown Industrial 0.00 0.00 0.00 0.00% 0.00%
Total Industrial 0.29 0.00 0.29 2.20% +0.35%
 
NEW YORK CITY INDUSTRIAL VACANT SPACE NOW AND IN THE NEXT TWO YEARS
(In Millions of Rentable Square Feet)
   Direct  Sublease  Total % Vacant  % Monthly
Change
New York City Midtown Industrial 0.19 0.00 0.19 3.24% -1.60%
New York City Midtown South Industrial 0.22 0.00 0.22 3.15% +3.62%
New York City Downtown Industrial 0.02 0.00 0.02 2.83% 0.00%
Total Industrial 0.42 0.00 0.42 3.17% +1.18%


New York City Industrial Rent Vacancy

Manhattan Industrial Rent Vacancy
  • Total vacant New York City Industrial Space remained at 0.29 million RSF.
  • Midtown and Midtown South Vacancy rates remained set at 0.16 and 0.13 million RSF respectively.