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August 2008

August 2008 » Market Analysis » New York Office Report

August 2008 New York Office Space Graphs and Statistics


NYC Office Space Graphs and Statistics

NEW YORK CLASS A OFFICE VACANT SPACE
(In Millions of Rentable Square Feet)
Direct Sublease Total % Vacant % Monthly Change
Midtown Manhattan Office Class A 7.14 1.55 8.69 5.6 % 0.67 %
Midtown South Manhattan Office Class A 0.07 0.02 0.08 9.4 % -82.14 %
Downtown Manhattan Office Class A 2.26 1.32 3.58 5.7 % -2.82 %
Total Manhattan Office Class A 9.47 2.88 12.35 5.8 % -0.91 %
NEW YORK 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 Class A 17.41 4.37 21.78 9.9 % 0.67 %
Midtown South Manhattan Office Class A 0.87 0.07 0.94 6.43 % abc -82.14 %
Downtown Manhattan Office Class A 4.02 1.78 5.8 8.06 % 2.67 %
Total Manhattan Office Class A 22.3 6.21 28.52 % -0.18 %

Manhattan Class A Office Vacancies

  • Total Manhattan Office Class A vacancies decreased from 12.46 million RSF to 12.35 million RSF.
  • Total Manhattan Office Market vacancies decreased from 23.06 million RSF to 22.52 million RSF.
NEW YORK TOTAL OFFICE MARKET VACANT SPACE
(In Millions of Rentable Square Feet)
Direct Sublease Total % Vacant % Monthly Change
Midtown Manhattan Office 10.38 1.99 12.37 5.3 % 1.41 %
Midtown South Manhattan Office 4.03 0.33 4.36 6.6 % -0.94 %
Downtown Manhattan Office 4.24 1.54 5.79 6.4 % -11.72 %
Total Manhattan Office 18.65 3.86 22.52 5.8 % -2.42 %
NEW YORK 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 22.69 5.45 28.14 8.76 % 1.41 %
Midtown South Manhattan Office 6.81 0.99 7.81 7.86 % abc -0.94 %
Downtown Manhattan Office 7.42 2.17 9.6 8.73 % -4.38 %
Total Manhattan Office 36.92 8.62 45.54 % -0.89 %

Manhattan Office Vacancy Market

  • Total Manhattan Office direct lease vacancy decreased from 19.13 million RSF to 18.65 million RSF.
  • Manhattan Office Sublease vacancy decreased from 3.94 million RSF to 3.86 million RSF.

Manhattan Office Rent Vacancy by Area

  • Total Manhattan Office Market vacancy decreased from 23.06 million RSF to 22.52 million RSF
  • Total Midtown Office vacancy increased from 12.19 million RSF to 12.37 million RSF.
  • Total Midtown South Office vacancy decreased from 4.4 million RSF to 4.36 million RSF
  • Total Downtown Office vacancy decreased from 6.46 million RSF to 5.79 million RSF



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