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Mailing Address |
| 57 West 38th Street, 10th Floor |
| New York, NY 10018 |
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Telephone |
| 212-258-2700 |
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Fax |
| 212-409-8846 |
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June 2005 Graphs and Statistics |
| 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 |
9.39 |
2.76 |
12.15 |
7.40% |
-8.04% |
| Midtown South Manhattan Office A |
0.49 |
0.06 |
0.55 |
7.90% |
-11.11% |
| Downtown Manhattan Office A |
4.91
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1.54 |
6.45 |
10.60% |
-4.01% |
| Total Manhattan Office A |
14.78 |
4.37 |
19.15 |
8.20% |
-6.77% |
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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 |
% Vacant |
% Monthly
Change |
| Midtown Manhattan Office A |
16.37 |
6.68 |
23.05 |
10.92% |
-0.40% |
| Midtown South Manhattan Office A |
1.38 |
0.14 |
1.52 |
10.63% |
-3.09% |
| Downtown Manhattan Office A |
8.11 |
2.76 |
10.87 |
15.14% |
-0.61% |
| Total Manhattan Office A |
25.86 |
9.58 |
35.44 |
11.93% |
-0.58% |
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Manhattan Class A Office Vacancies
- Total Manhattan Office Class A vacancies decreased from 20.44 million RSF to 19.15 million RSF, and Total Market vacancies decreased from 34.40 million RSF to 32.59 million RSF.
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| MANHATTAN TOTAL OFFICE MARKET VACANT SPACE (In Millions of Rentable Square Feet) |
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Direct |
Sublease |
Total |
% Vacant |
% Monthly
Change |
| Midtown Manhattan Office |
14.11 |
3.45 |
17.56 |
7.20% |
-6.82% |
| Midtown South Manhattan Office |
4.14 |
0.60 |
4.74 |
6.20% |
-10.24% |
| Downtown Manhattan Office |
8.38 |
1.91 |
10.29 |
11.90% |
-1.18% |
| Total Office
Manhattan |
26.63 |
5.97 |
32.59 |
7.90% |
-5.53% |
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MANHATTAN TOTAL OFFICE MARKET VACANT SPACE NOW AND IN THE NEXT TWO YEARS
(In Millions of Rentable Square Feet) |
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Direct |
Sublease |
Total |
%
Vacant |
% Monthly
Change |
| Midtown Manhattan Office |
22.88 |
7.96 |
30.84 |
10.18% |
-0.83% |
| Midtown South Manhattan Office |
7.49 |
0.93 |
8.42 |
8.99% |
-2.57% |
| Downtown Manhattan Office |
12.22
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3.53 |
15.75 |
14.61% |
-0.47% |
| Total Office
Manhattan |
42.58 |
12.42 |
55.00 |
10.90% |
-0.99% |
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Manhattan Office Vacancy Market
- Total Manhattan Office Market Vacancies decreased as Total Direct availability decreased from 27.31 million RSF to 26.63 million RSF and Total Sublease Lease availability decreased from 7.09 million RSF to 5.97 million RSF.
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Manhattan Office Lease Market
- Total Manhattan Office Direct Lease availability decreased from 27.31 million RSF to 26.63 million RSF, while Total Sublease vacancies decreased from 7.09 million RSF to 5.97 million RSF.
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Manhattan Office Rent Vacancy by Area
- Total Manhattan Office Market vacancy decreased as Midtown South availability dropped from 5.23 to 4.74 million RSF and Midtown availability decreased from 18.75 million to 17.56 million RSF. However, Total Downtown Vacancy rates decreased from 10.41 million RSF to 10.29 million RSF.
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Midtown Manhattan Office Rent
- Total Vacant Office space in Midtown decreased led by a decrease in Total Direct availability from 14.34 to 14.11 million RSF. Total Sublease space availability decreased from 4.41 to 3.45 million RSF.
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Midtown South Manhattan Office Rent
- Midtown South Office Direct Lease availability decreased from 4.52 million RSF to 4.14 million RSF, while Sublease vacancies dropped from 0.71 to 0.60 million RSF.
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Downtown Manhattan Office Rent
- Total Downtown Manhattan office vacancies decreased due to an decrease in Direct space from 8.44 million RSF to 8.38 million RSF, in addition to Sublease availability decreasing from 1.97 million RSF to 1.91 million RSF.
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| MANHATTAN RETAIL VACANT SPACE (In Millions of Rentable Square Feet) |
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Direct |
Sublease |
Total |
% Vacant |
% Monthly
Change |
| Midtown Manhattan Retail |
0.26 |
0.00 |
0.26 |
5.40% |
-1.89% |
| Midtown South Manhattan Retail |
0.16 |
0.01 |
0.17 |
3.50%
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+2.96%
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| Downtown Manhattan Retail |
0.05 |
0.00 |
0.05 |
3.20% |
+37.36% |
| Total Retail |
0.47 |
0.01 |
0.48 |
4.40% |
+3.55% |
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MANHATTAN RETAIL VACANT SPACES NOW AND IN THE NEXT TWO YEARS
(In Millions of Rentable Square Feet) |
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Direct |
Sublease |
Total |
%
Vacant |
% Monthly
Change |
| Midtown Manhattan Retail |
0.34 |
0.00 |
0.34 |
5.07% |
-21.18% |
| Midtown South Manhattan Retail |
0.29 |
0.01 |
0.29 |
5.40% |
-1.72% |
| Downtown Manhattan Retail |
0.10 |
0.00 |
0.10 |
5.42% |
+19.81% |
| Total Retail |
0.72
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0.01 |
0.73 |
5.24% |
-8.00% |
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Manhattan Retail Rent Vacancy
- Total Manhattan Retail availability increased slightly from 0.46 million RSF to 0.48 million RSF, led by an increase in Midtown South availability from 0.16 to 0.17 million RSF while in Midtown availability decreased from 0.27 to 0.26 million RSF. In Downtown, availability rose from 0.03 million RSF to 0.05 million RSF.
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| MANHATTAN INDUSTRIAL VACANT SPACE (In Millions of Rentable Square Feet) |
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Direct |
Sublease |
Total |
% Vacant |
% Monthly
Change |
| Midtown Manhattan Industrial |
0.30 |
0.00 |
0.30 |
8.30% |
-3.67% |
| Midtown South Manhattan Industrial |
0.23 |
0.00 |
0.23 |
4.00% |
1.75% |
| Downtown Manhattan Industrial |
0.00 |
0.00 |
0.00 |
0.00% |
-100.00% |
| Total Industrial |
0.53 |
0.00 |
0.53 |
5.60% |
-7.20% |
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MANHATTAN INDUSTRIAL VACANT SPACE NOW AND IN THE NEXT TWO YEARS
(In Millions of Rentable Square Feet) |
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Direct |
Sublease |
Total |
%
Vacant |
% Monthly
Change |
| Midtown Manhattan Industrial |
0.51 |
0.00 |
0.51 |
8.52% |
-2.18% |
| Midtown South Manhattan Industrial |
0.30 |
0.00 |
0.30 |
3.91% |
+3.30% |
| Downtown Manhattan Industrial |
0.02 |
0.00 |
0.02 |
2.64% |
-82.35% |
| Total Industrial |
0.83 |
0.00 |
0.83 |
5.76% |
-1.82% |
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Manhattan Industrial Rent Vacancy
- Total Manhattan Industrial Vacant space decreased from 0.57 to 0.53 million RSF. Midtown vacancy dropped slightly from 0.31 to 0.30 million RSF. Midtown South vacancy rates rose from 0.22 to 0.23 million RSF while available Manhattan Downtown Industrial space dropped off completely with no available space listed.
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