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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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March 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 Office A |
10.50 |
4.39 |
14.89 |
9.70% |
-0.69% |
| Midtown South Manhattan Office A |
0.59 |
0.18 |
0.76 |
9.50% |
-4.46% |
| Downtown Manhattan Office A |
5.06 |
1.21 |
6.27 |
11.50% |
-1.72% |
| Total New York City Office A |
16.15 |
5.78 |
21.93 |
10.20% |
-1.11% |
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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 A |
17.77 |
8.42 |
26.19 |
12.54% |
-0.86% |
| Midtown South Manhattan Office A |
1.26 |
0.31 |
1.58 |
11.26% |
-5.46% |
| Downtown Manhattan Office A |
9.11 |
3.08 |
12.20 |
16.67% |
1.85% |
| Total New York City Office A |
28.15 |
11.81 |
39.96 |
13.50% |
-0.21% |
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Manhattan Class A Office Vacancies
- Total Class A vacancies decreased slightly from 22.77 million RSF to 21.93 million RSF, while Total Market vacancies decreased slightly from 40.54 million RSF to 39.92 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 |
16.75 |
5.30 |
22.05 |
9.70% |
-0.60% |
| Midtown South Manhattan Office |
6.30 |
1.47 |
7.77 |
10.00% |
-3.13% |
| Downtown New York City Office |
8.40 |
1.70 |
10.10 |
11.60% |
0.38% |
| Total Office Manhattan |
31.46 |
8.46 |
39.92 |
10.20% |
-0.84% |
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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 |
25.57 |
10.07 |
35.64 |
11.95% |
-0.52% |
| Midtown South Manhattan Office |
9.17 |
2.08 |
11.26 |
11.96% |
0.38% |
| Downtown New York City Office |
12.93 |
3.79 |
16.72 |
15.40% |
1.82% |
| Total Office
Manhattan |
47.67 |
15.94 |
63.61 |
12.70% |
0.25% |
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New York City Office Vacancy Market
- Total Market Vacancies fell as Total Direct availability increased from 31.29 million RSF to 31.46 million RSF while Total Sublease Lease availability declined from 9.25 million RSF to 8.46 million RSF.
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New York City Office Lease Market
- Total Direct Lease availability increased from 31.29 million RSF to 31.46 million RSF, while Total Sublease vacancies continued their two year declined falling to a new low of 9.25 million RSF from 8.46 million RSF.
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New York City Office Rent Vacancy by Segments
- Total Market vacancy fell as Midtown availability decreased from 27.39 million RSF to 22.05 million RSF and Midtown South availability increased from 7.74 million to 7.77 million RSF respectively. Total Downtown Vacancy rates fell from 10.42 million RSF to 10.10 million RSF.
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Midtown Manhattan Office Rent
- Total Vacant space in Midtown decreased as the increase in Total Direct Lease space availability from 16.55 million RSF to 16.75 million RSF did not outweighed the decline in Total Sublease availability from 5.84 million RSF to 5.30 million RSF.
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Midtown South New York City Office Rent
- Midtown South Direct Lease availability rose from 6.12 million RSF and 6.30 million RSF, while Sublease vacancies declined from 1.62 million RSF to 1.47 million RSF.
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Downtown Manhattan Office Rent
- Total Downtown vacancies fell as Direct Lease space fell from 8.62 million RSF to 8.40 million RSF and Sublease availability from 1.80 million RSF to 1.70 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 |
0.27 |
0.00 |
0.27 |
4.40% |
| Midtown South Manhattan Retail |
0.20 |
0.04 |
0.24 |
5.10% |
| Downtown Manhattan Retail |
0.03 |
0.00 |
0.03 |
2.10% |
| Total Retail |
0.50 |
0.04 |
0.54 |
4.40% |
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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 |
0.40 |
0.05 |
0.45 |
6.85% |
| Midtown South Manhattan Retail |
0.39 |
0.05 |
0.43 |
8.64% |
| Downtown Manhattan Retail |
0.04 |
0.00 |
0.04 |
2.27% |
| Total Retail |
0.82 |
0.09 |
0.91 |
6.99% |
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Manhattan Retail Rent Vacancy
- Total Retail availability increased from 0.46 million RSF and 0.54 million RSF as all market segments saw increased vacancy rates. In Midtown, availability increased from 0.18 million RSF to 0.27 million RSF while Midtown South remains unchanged. Total Downtown Vacancy rates increased from 0.04 million RSF to 0.03 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 |
0.47 |
0.03 |
0.50 |
9.00% |
| Midtown South Manhattan Industrial |
0.40 |
0.04 |
0.44 |
6.50% |
| Downtown Manhattan Industrial |
0.00 |
0.00 |
0.00 |
N/A |
| Total Industrial |
0.87 |
0.07 |
0.94 |
7.30% |
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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 |
0.87 |
0.03 |
0.90 |
14.87% |
| Midtown South Manhattan Industrial |
0.45 |
0.04 |
0.49 |
6.69% |
| Downtown Manhattan Industrial |
0.01 |
0.00 |
0.01 |
N/A |
| Total Industrial |
1.33 |
0.07 |
1.40 |
9.99% |
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Manhattan Industrial Rent Vacancy
- Total Industrial Vacant space decreased from 1.03 million RSF to 0.94 million RSF due to a decline in Total vacancies in Midtown from 0.66 million RSF to 0.50 million RSF, even though Midtown South vacancies rose slightly from 0.37 million RSF to 0.44 million RSF. Vacancies rates in Downtown remained unchanged.
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