June 2002: Manhattan Office Space Update
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Effective rents of Downtown spaces with economic incentives are phenomenal deals. Direct and Subleases are available from $17-30/RSF. And incentives are available which are worth up to $11/RSF. The combination of low rents and incentives makes Downtown rents the cheapest in decades. Now is a great time to take advantage of these deals. Midtown and Midtown south rents continue to moderate.
Midtown Class “A” (fancy new office buildings) direct leases $40-55/RSF and subleases from $30-40/RSF.
Midtown South, Flatiron, Soho & Tribeca direct leases Class “B and C” (older office buildings and loft buildings) $20-30/RSF and subleases from $15-25/RSF.
Wall Street Class “A” direct leases $18-30/RSF and subleases from $15-25/RSF.
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 |
%
Vacant |
% Monthly
Change |
| Midtown Manhattan Office A |
9.4 |
5.8 |
15.2 |
5.3 % |
8.5 % |
| Midtown Manhattan South Office A |
0.2 |
0.2 |
0.4 |
3.4 % |
5.8 % |
| Downtown Manhattan Office A |
2.6 |
3.0 |
5.6 |
4.9 % |
10.5 % |
| Total Office A |
12.0 |
9.0 |
21.0 |
5.4 % |
9.4 % |
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MANHATTAN CLASS A OFFICE VACANT SPACE NOW AND IN THE NEXT TWO YEARS
(In Millions of Rentable Square Feet) |
| |
Direct |
Sublease, |
Total |
|
|
| Midtown Manhattan Office A |
20.1 |
7.9 |
28.0 |
|
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| Midtown Manhattan South Office A |
0.7 |
0.3 |
1.0 |
|
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| Downtown Manhattan Office A |
7.8 |
4.2 |
12.0 |
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| Total Office A |
27.5 |
12.2 |
39.7 |
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| MANHATTAN TOTAL OFFICE MARKET VACANT SPACE (In Millions of Rentable Square Feet)) |
| |
Direct |
Sublease, |
Total |
%
Vacant |
%
Monthly
Change |
| Midtown Manhattan Office |
17.9 |
7.6 |
25.5 |
7.4 % |
10.6 % |
| Midtown Manhattan South Office |
7.6 |
3.3 |
10.9 |
11.5 % |
16.6 % |
| Downtown Manhattan Office |
6.9 |
4.0 |
10.9 |
8.9 % |
14.0 % |
| Total Office |
33.4 |
15.0 |
48.4 |
8.6 % |
12.4 % |
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MANHATTAN TOTAL OFFICE MARKET VACANT SPACE NOW AND IN THE NEXT TWO YEARS
(In Millions of Rentable Square Feet)) |
| |
Direct |
Sublease, |
Total |
|
|
| Midtown Manhattan Office |
31.1 |
10.5 |
41.6 |
|
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| Midtown Manhattan South Office |
10.2 |
4.0 |
14.2 |
|
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| Downtown Manhattan Office |
12.8 |
5.6 |
18.4 |
|
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| Total Office |
55.8 |
20.3 |
76.1 |
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