Optimal Spaces Inc. (lease office manhattan)
     
 
   


November 2004

 
 MANHATTAN CLASS A OFFICE VACANT SPACE (In Millions of Rentable Square Feet))
   Direct  Sublease  Total  % Vacant  % Monthly
Change
Midtown Manhattan Office A 10.48 4.23 14.71 9.40% 2.80
Midtown South Manhattan Office A 0.54 0.08 0.62 8.60% -27.74
Downtown Manhattan Office A 6.60 1.67 6.60 11.50% -2.26%
Total Manhattan Office A 15.96 5.98 21.94 9.90% 0.41%
           
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 18.06 7.65 25.71 12.18% 3.54%
Midtown South Manhattan Office A 1.32 0.23 1.55 10.96% -10.65%
Downtown Manhattan Office A 8.99 3.21 12.20 16.73% 3.89%
Total Manhattan Office A 28.37 11.09 39.46 13.24% 3.09%
           
 MANHATTAN TOTAL OFFICE MARKET VACANT SPACE (In Millions of Rentable Square Feet))
   Direct  Sublease  Total  % Vacant  % Monthly
Change
Midtown Manhattan Office 15.93 5.13 21.06 9.10% 2.19%
Midtown South Manhattan Office 5.34 0.90 6.24 8.70% -5.37
Downtown Manhattan Office 7.59 2.08 9.67 11.40% -2.17%
Total Office Manhattan 28.87 8.12 36.97 9.50% -0.22%
           
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 24.93 9.28 34.18 11.37% 2.57%
Midtown South Manhattan Office 8.33 1.46 9.79 10.36% -2.26%
Downtown Manhattan Office 12.32 4.03 16.35 2.95% 2.29%
Total Office Manhattan 45.56 14.76 60.32 11.97% 1.89%
           

November 2004 Manhattan Class A Office Rent
  • Total class A vacancies decreased from 22.31 million RSF to 21.84 million RSF.
  • Total Market vacancies decreased from 37.05 million RSF 36.97 million RSF.

Manhattan Office Rent Vacancy
  • Total Direct Lease availability saw a slight decrease from 28.89 million RSF to 28.87 million RSF, while Total Sublease vacancies decreased from 8.39 million RSF to 8.15 million RSF.

Manhattan Office Vacant Space

  • Total market vacancy decreased from 37.05 million RSF to 36.97 million RSF, while total Midtown vacancy increased from 20.60 million RSF to 21.06 million RSF. Total Midtown South saw a slight decrease from 6.69 million RSF to 6.58 million RSF. Downtown vacancy decreased to 9.87 million RSF.

Rent Office Manhattan by Neighborhood
  • Total midtown vacancy decreased from 20.96 million RSF to 20.60 million RSF. Total Direct Lease vacant space increased from 15.67 million RSF to 15.93 million RSF while total sublease vacant space decreased from 5.21 to 4.92 million RSF.

Midtown Manhattan Office Rent

Midtown Manhattan Office Rent

  • Midtown South Direct Lease availability decreased from 5.57 million RSF to 5.34 million RSF. Total Sublease increased slightly from .98 million RSF to 1.00 million RSF.


Midtown South Manhattan Office Rent

Midtown South Manhattan Office Rent

  • Total Downtown vacancies decreased to 9.67 million RSF. Total Direct space decreased from 7.65 million RSF to 7.59 million RSF, while Sublease increased slightly from 2.00 million RSF to 2.23 million RSF.


Downtown Manhattan Office Rent

Downtown Manhattan Office Rent

  • Total Downtown vacancies decreased due to a decrease in Direct space from 7.70 million RSF to 7.65 million RSF, even though Sublease availability increased from 2.20 million RSF to 2.23 million RSF.
 MANHATTAN RETAIL VACANT SPACE (In Millions of Rentable Square Feet)
   Direct  Sublease  Total  % Vacant  % Monthly
Change
Midtown Manhattan Retail 0.19 0.00 0.19 3.40% 6.84%
Midtown South Manhattan Retail 0.18 0.01 0.19 5.10% -10.53%
Downtown Manhattan Retail 0.04 0.00 0.04 2.30% 7.50%
Total Retail 0.40 0.01 0.41 3.90% -0.95%
           
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 0.32 0.05 0.37 7.02% -1.89%
Midtown South Manhattan Retail 0.29 0.01 0.30 5.77% -2.00%
Downtown Manhattan Retail 0.04 0.00 0.04 2.42% 5.00%
Total Retail 0.64 0.06 0.71 5.31% -1.55%
           


Manhattan Retail Rent Vacancy

Manhattan Retail Rent Vacancy
  • Total Retail availability decreased slightly to 0.41 million RSF. In Downtown, availability remained constant at 0.04 million RSF while Midtown availability saw a slight increase from 0.18 to 0.19 million RSF. Midtown South vacancy rates, however, dropped from 0.21 million RSF to 0.19 million RSF.

  MANHATTAN INDUSTRIAL VACANT SPACE (In Millions of Rentable Square Feet)
   Direct  Sublease  Total  % Vacant  % Monthly
Change
Midtown Manhattan Industrial 0.32 0.03 0.35 7.30% -52.86%
Midtown South Manhattan Industrial 0.35 0.00 0.35 4.60%

-2.57%

Downtown Manhattan Industrial 0.02 0.00 0.02 3.60% -15.00%
Total Industrial 0.69 0.03 0.72 5.70% -27.36%
           
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 0.61 0.03 0.38 10.68% -11.09
Midtown South Manhattan Industrial 0.47 0.00 0.47 5.98% 4.68%
Downtown Manhattan Industrial 0.02 0.00 0.02 2.99% -15.00%
Total Industrial 1.09 0.03 1.13 7.78% -4.60%
           


Manhattan Industrial Rent Vacancy

Manhattan Industrial Rent Vacancy
  • Total Industrial vacancies decreased significantly from 0.92 to 0.72 million RSF, led by a Midtown availability decrease from 0.54 to 0.35 million RSF. Midtown South vacancy rates decreased slightly to 0.35 from 0.36 million RSF while in Downtown, availability remained constant at 0.02 million RSF.