May 2002: Manhattan Office Space Update
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Phenomenal prices abound for commercial space throughout Manhattan.
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. Prices continue to moderate as landlords are motivated to make deals. Market activity continues to be brisk as Tenants lock in prices not seen for years. 500,000 RSF was absorbed in the Class “A” Market and one million feet was added in the Class “B and C” Market. Landlords are very aggressive in making deals with desirable companies with more free rent and Landlord work offered than ever before.
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 |
12,466,242 |
8,839,480 |
21,305,722 |
| Total Market |
29,945,836 |
14,262,801 |
44,208,637 |
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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 |
27,158,710 |
12,707,776 |
39,866,486 |
| Total Office A |
46,735,604 |
20,190,195 |
66,925,799 |
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