Optimal Spaces Inc. (lease office manhattan)
     
 
   


 Manhattan Market News

 Market Overview


New York Real Estate News Archive 2004 News May 2004 Real Estate Report May 2004

May 2004 Commercial Real Estate Graphs and Statistics

 MANHATTAN CLASS A OFFICE VACANT SPACE (In Millions of Rentable Square Feet))
   Direct  Sublease  Total  % Vacant  % Monthly
Change
Midtown New York City Office A 10.88 4.51 15.39 10.0% 4.37%
Midtown South Manhattan Office A 0.64 0.17 0.81 9.50% 1.85%
Downtown New York City Office A 5.11 1.82 6.92 13.00% 6.40%
Total New York City Office A 16.62 6.50 23.12 10.70% 4.89%
           
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 New York City Office A 17.35 8.39 25.74 12.32% -1.12%
Midtown South Manhattan Office A 1.26 0.33 1.59 11.38% 2.08%
Downtown New York City Office A 9.14 2.85 12.00 16.43% -0.45%
Total New York City Office A 27.75 11.57 39.33 13.29% -0.79%
           


Manhattan Class A Office Vacancies

Manhattan Class A Office Vacancies
  • Total Class A vacancies increased from 21.99 million RSF to 23.12 million RSF, while Total Market vacancies increased as well from 39.62 million RSF to 40.45 million RSF.



 NYC Market News

 Market Overview




 MANHATTAN TOTAL OFFICE MARKET VACANT SPACE (In Millions of Rentable Square Feet))
   Direct  Sublease  Total  % Vacant  % Monthly
Change
Midtown New York City Office 17.18 5.39 22.57 9.90% 3.10%
Midtown South Manhattan Office 6.23 1.23 7.46 9.70% -0.58%
Downtown New York City Office 8.19 2.24 10.43 12.50% 1.65%
Total Office Manhattan 31.59 8.86 40.45 10.40% 2.05%
           
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 New York City Office 25.37 10.08 35.45 11.86% -0.11%
Midtown South Manhattan Office 8.87 1.95 10.82 11.54% -1.00%
Downtown New York City Office 12.78 3.50 16.28 15.17% -1.71%
Total Office Manhattan 47.01 15.54 62.55 12.51% -0.68%
           

New York City Office Vacancy Market

New York City Office Vacancy Market
  • Total Market Vacancies increased as Total Direct availability decreased from 31.46 million RSF to 31.59 million RSF along with the increase in Total Sublease Lease availability from 8.38 million RSF to 8.86 million RSF.

New York City Office Lease Market

New York City Office Rent Vacancy
  • Total Direct Lease availability increased from 31.25 million RSF to 31.59 million RSF, while Total Sublease vacancies finally stopped their two year declined rising to a high of 8.86 million RSF from 8.38 million RSF.

New York City Office Rent Vacancy by Segments

Rent Office Manhattan by Area
  • Total Market vacancy increased as Midtown availability increased from 21.87 million RSF to 22.57 million RSF and Midtown South availability decreased from 7.50 million to 7.46 million RSF. Total Downtown Vacancy rates however, increased from 10.26 million RSF to 10.43 million RSF.


Midtown New York City Office Rent

Midtown New York City Office Rent
  • Total Vacant space in Midtown increased due to the increase in Total Direct Lease space availability from 16.68 million RSF to 17.18 million RSF along with the rise in Total Sublease availability from 5.19 million RSF to 5.39 million RSF.


Midtown South New York City Office Rent

Midtown South New York City Office Rent
  • Midtown South Direct Lease availability fell slightly from 6.24 million RSF and 6.23 million RSF, and Sublease vacancies declined from 1.26 million RSF to 1.23 million RSF.


Downtown New York City Office Rent

Downtown New York City Office Rent
  • Total Downtown vacancies increased even though Direct Lease space fell from 8.33 million RSF to 8.19 million RSF, while Sublease availability increased from 1.93 million RSF to 2.24 million RSF.





 New York City Market News

 Market Overview


 MANHATTAN RETAIL VACANT SPACE (In Millions of Rentable Square Feet)
   Direct  Sublease  Total  % Vacant  % Monthly
Change
Midtown Manhattan Retail 0.23 0.00 0.23 4.30% -1.28%
Midtown South Manhattan Retail 0.24 0.04 0.28 9.10% 4.74%
Downtown Manhattan Retail 0.03 0.00 0.03 2.00% N/A
Total Retail 0.50 0.04 0.54 5.90% 1.86%
           
MANHATTAN RETAIL VACANT SPACES NOW AND IN THE NEXT TWO YEARS
(In Millions of Rentable Square Feet)
   Direct  Sublease  Total % Vacant  % Monthly
Change
Midtown Manhattan Retail 0.36 0.05 0.41 6.33% -1.71%
Midtown South Manhattan Retail 0.40 0.04 0.44 5.34% 2.26%
Downtown Manhattan Retail 0.04 0.00 0.04 2.29% N/A
Total Retail 0.80 0.09 0.89 6.68% 0.34%
           

 



Manhattan Retail Rent Vacancy

Manhattan Retail Rent Vacancy
  • Total Retail availability increased from 0.53 million RSF and 0.54 million RSF. In Midtown, availability decreased from 0.24 million RSF to 0.23 million RSF while Downtown remains unchanged. Total Midtown South vacancy rates increased from 0.26 million RSF to 0.27 million RSF.


 Manhattan Market News

 Market Overview


  MANHATTAN INDUSTRIAL VACANT SPACE (In Millions of Rentable Square Feet)
   Direct  Sublease  Total  % Vacant  % Monthly
Change
Midtown Manhattan Industrial 0.42 0.03 0.45 9.00% -7.10%
Midtown South Manhattan Industrial 0.36 0.00 0.36 5.20% -4.67%
Downtown Manhattan Industrial 0.00 0.00 0.00 N/A N/A
Total Industrial 0.78 0.03 0.81 6.50% -6.01%
           
MANHATTAN INDUSTRIAL VACANT SPACE NOW AND IN THE NEXT TWO YEARS
(In Millions of Rentable Square Feet)
   Direct  Sublease  Total % Vacant  % Monthly
Change
Midtown Manhattan Industrial 0.82 0.03 0.85 14.01% -3.78%
Midtown South Manhattan Industrial 0.42 0.00 0.42 5.67% 5.50%
Downtown Manhattan Industrial 0.01 0.00 0.00 N/A N/A
Total Industrial 1.23 0.03 1.26 9.03% -1.50%
           



Manhattan Industrial Rent Vacancy

Manhattan Industrial Rent Vacancy
  • Total Industrial Vacant space decreased from 0.86 million RSF to 0.82 million RSF due to a decline in Total vacancies in Midtown from 0.48 million RSF to 0.45 million RSF, and Midtown South vacancies decline from 0.38 million RSF to 0.36 million RSF. Vacancies rates in Downtown remained unchanged.