February 2002: Manhattan Office Space Update
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3,500,000 feet in the most desirable office buildings and 4,500,000 feet of Class B and C office space have been added in the past 30 days . Over the past month negotiated rents continued to fall by an average of 5-10%. Landlords are very aggressive in making deals with desirable companies. Just this week, incentives were authorized by the State and City Government for businesses to relocate or renew leases in downtown Manhattan.
Incentives are now available from State and City Government for businesses to relocate or renew leases in downtown Manhattan.
Click here for applications. incentives.htm
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| MANHATTAN CLASS A OFFICE VACANT SPACE (In Millions of Rentable Square Feet)) |
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Direct |
Sublease |
Total |
| Manhattan Office A |
12,742,708 |
8,680,056 |
21,422,764 |
| Total Market |
33,236,402 |
14,679,573 |
47,915,975 |
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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 |
| Manhattan Office A |
26,769,386 |
10,967,238 |
37,736,624 |
| Total Office A |
53,516,357 |
18,618,720 |
72,135,077 |
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