Optimal Spaces Inc. (lease office manhattan)
     
 
   


 Manhattan Market News

 Market Overview


January 2005 Graphs and Statistics
 MANHATTAN CLASS A OFFICE VACANT SPACE (In Millions of Rentable Square Feet))
   Direct  Sublease  Total  % Vacant  % Monthly Change
Midtown Manhattan Office A 9.99 3.57 13.56 9.20% -4.78%
Midtown South Manhattan Office A 0.54 0.05 0.59 9.60% -14.38%
Downtown Manhattan Office A 5.24 1.51 6.75 11.90% +0.89%
Total Manhattan Office A 15.76 5.13 20.89 9.90% -3.22%
           
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 Manhattan Office A 17.89 6.19 24.08 11.43% -6.99%
Midtown South Manhattan Office A 1.44 0.20 1.63 11.36% +5.94%
Downtown Manhattan Office A 8.67 2.88 11.55 16.01% -4.49%
Total Manhattan Office A 28.00 9.26 37.26 12.54% -5.64%
           

Manhattan Class A Office Rent

Manhattan Class A Office Rent
  • Total Class A vacancies decreased from 21.57 million RSF to 20.89 million RSF.
  • Total Market vacancies decreased as well from 36.60 million RSF to 35.37 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 Manhattan Office 14.96 4.35 19.31 8.80% -4.71%
Midtown South Manhattan Office 4.95 0.76 5.72 8.10% -7.21%
Downtown Manhattan Office 8.41 1.94 10.35 12.20% +0.89%
Total Office Manhattan 28.32 7.05 35.37 9.40% -3.48%
           
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 Manhattan Office 24.20 7.60 31.80 10.60% -6.65%
Midtown South Manhattan Office 8.16 1.20 9.36 9.88% -2.92%
Downtown Manhattan Office 12.43 3.75 16.18 14.97% -3.63%
Total Office Manhattan 44.79 12.55 57.34 11.40% -5.19%
           

New York Office Vacant Space

New York Office Vacant Space
  • Total Market Vacancies decreased as Total Direct availability decreased from 28.70 million RSF to 28.32 million RSF.
  • Total Sublease Lease availability decreased from 7.90 million RSF to 7.05 million RSF.

Manhattan Office Rent Vacancy

Manhattan Office Rent Vacancy
  • Total Direct Lease availability decreased from 28.70 million RSF to 28.32 million RSF.
  • Total Manhattan Office Sublease vacancies decreased to 7.05 million RSF from 7.90 million RSF.

Manhattan Office Rent Vacancy by Area

Manhattan Office Rent by Area
  • Total Market vacancy decreased as Midtown South availability decreased from 6.13 million RSF to 5.72 million RSF.
  • Manhattan Midtown availability decreased from 20.22 million to 19.31 million RSF.
  • However, Total Downtown Vacancy rates actually increased from 10.26 million RSF to 10.35 million RSF.


Midtown Manhattan Office Rent

Midtown Manhattan Office Rent

  • Total Vacant space in Midtown decreased due to the decrease in Total Sublease space availability from 5.07 million RSF to 4.35 million RSF.
  • In addition to Total Direct availability decreasing from 15.16 million RSF to 14.96 million RSF.


Midtown South Manhattan Office Rent

Midtown South Manhattan Office Rent

  • Midtown South Direct Lease availability decreased from 5.24 million RSF to 4.95 million RSF.
  • Sublease vacancies also decreased from 0.88 million RSF to 0.76 million RSF.


Downtown Manhattan Office Rent

Downtown Manhattan Office Rent

  • Total Downtown vacancies increased due to an increase in Direct space from 8.31 million RSF to 8.41 million RSF.
  • Even though Sublease availability decreased from 1.95 million RSF to 1.94 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 0.12 0.00 0.12 4.10% -70.94%
Midtown South Manhattan Retail 0.15 0.01 0.16 4.40% -9.94%
Downtown Manhattan Retail 0.03 0.00 0.03 2.10% +8.80%
Total Retail 0.30 0.01 0.31 4.00% -31.10%
           
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 0.22 0.04 0.27 4.15% -44.57%
Midtown South Manhattan Retail 0.23 0.01 0.24 4.55% -22.73%
Downtown Manhattan Retail 0.04 0.00 0.04 6.02% +22.83%
Total Retail 0.49 0.05 0.55 4.11% -30.06%
           

Manhattan Retail Rent Vacancy

Manhattan Retail Rent Vacancy

  • Total Retail availability fell from 0.40 million RSF to 0.31 million RSF.
  • In Downtown, availability remained constant at 0.03 million RSF while in Midtown, availability decreased sharply from 0.20 to 0.12.
  • Total Midtown South vacancy rates dropped from 0.17 to 0.16 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 0.00 0.42 10.50% -8.63%
Midtown South Manhattan Industrial 0.38 0.00 0.38 5.00% +9.40%
Downtown Manhattan Industrial 0.03 0.00 0.03 4.50% 0.0%
Total Industrial 0.83 0.00 0.83 7.20% 0.0%
           
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 0.58 0.00 0.58 9.81% -29.22%
Midtown South Manhattan Industrial 0.41 0.00 0.41 5.27% -0.98%
Downtown Manhattan Industrial 0.03 0.00 0.03 4.64% 0.0%
Total Industrial 1.02 0.00 1.02 7.09% -16.93%
           


Manhattan Industrial Rent Vacancy

Manhattan Industrial Rent Vacancy

  • Total Industrial Vacant space remained constant at 0.83 million RSF.
  • Midtown vacancy decreases from 0.45 to 0.42 million RSF were offset by Midtown South vacancy increases from 0.35 to 0.38 million RSF.
  • Downtown vacancy rates remained unchanged at 0.03 million RSF.