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August, 2002: Manhattan Office Space Update

Commercial vacancies continue to mount as more space continues to come on the market. As a result prices continue to moderate. Class A vacant space downtown increased by 20%, overall space downtown by 8%. Total Class A vacancies increased by 6% and Total Market vacancies increased by 2.6%.
Downtown Incentives combined with reduced rental prices downtown result in very affordable alternatives to Midtown.
Even more impressive are the REAP benefits for Manhattan companies relocating to Long Island City or DUMBO where one can have net effective rents of almost zero and with the incentives lasting up to 10 years.

Selected sublease prices:
  • Midtown Class A $35/RSF.
  • Empire State Building $20/RSF.
  • Wall Street Class A $23/RSF for nice buildings equipped with furniture and phones.
Please feel free to contact us for more detailed pricing information.

 MANHATTAN CLASS A OFFICE VACANT SPACE (In Millions of Rentable Square Feet))
   Direct  Sublease,  Total  % Vacant
Direct		  % Vacant
Total		  % Monthly
Change
Midtown Manhattan Office A 9.9 5.8 15.7 5.6 % 8.80 % 1.9%
Midtown Manhattan South Office A 0.4 0.5 0.9 4.4 % 9.00 % 50.0%
Downtown Manhattan Office A 5.6 2.9 8.6 10.6 % 16.10 % 21.1%
Total Office A 15.9 9.2 25.1 6.6 % 10.40% 5.9%
             
MANHATTAN CLASS A OFFICE VACANT SPACE NOW AND IN THE NEXT TWO YEARS
(In Millions of Rentable Square Feet)
   Direct  Sublease  Total %Monthly
Change		    
Midtown Manhattan Office A 21.0 8.5 29.6 0.7 %
Midtown Manhattan South Office A 1.0 0.5 1.5 25.0 %
Downtown Manhattan Office A 8.3 4.2 12.6 2.4 %
Total Office A 30.6 13.3 43.8 0.9 %    
             


 MANHATTAN TOTAL OFFICE MARKET VACANT SPACE (In Millions of Rentable Square Feet))
   Direct  Sublease  Total % Vacant
Direct		 % Vacant
Total		  %Monthly
Change
Midtown Manhattan Office 18.7 7.5 26.2 7.8% 10.90% 2.3%
Midtown Manhattan South Office 7.7 3.4 11.1 11.6% 16.70% 0.9%
Downtown Manhattan Office 9.3 3.9 13.2 12.1% 17.20% 8.2%
Total Office 36.2 14.9 51.1 9.3% 13.20% 2.6%
             
MANHATTAN TOTAL OFFICE MARKET VACANT SPACE NOW AND IN THE NEXT TWO YEARS
(In Millions of Rentable Square Feet))
   Direct  Sublease,  Total %Monthly
Change		    
Midtown Manhattan Office 31.5 11.0 42.5 -0.5%
Midtown Manhattan South Office 10.3 4.0 14.3 2.9%
Downtown Manhattan Office 12.9 5.6 18.4 -0.5%
Total Office 56.4 20.5 77.0 0.1%