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December 2007

December 2007 » Market Analysis » New York Office Report

December 2007 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 6.08 1.31 7.39 5.0 % -7.05 %
Midtown South Manhattan Office Class A 0.07 0.02 0.09 9.2 % 2.35 %
Downtown Manhattan Office Class A 2.72 0.58 3.29 5.4 % -2.04 %
Total Manhattan Office Class A 8.87 1.9 10.77 5.3 % -5.44 %
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 14.99 4.1 19.09 8.73 % -7.05 %
Midtown South Manhattan Office Class A 1.34 0.04 1.37 9.33 % abc 2.35 %
Downtown Manhattan Office Class A 4.02 0.98 4.99 7.04 % 1.62 %
Total Manhattan Office Class A 20.34 5.12 25.46 % 0.73 %

Manhattan Class A Office Vacancies

  • Total Manhattan Office Class A vacancies decreased from 11.35 million RSF to 10.77 million RSF.
  • Total Manhattan Office Market vacancies decreased from 21.16 million RSF to 20.32 million RSF.
NEW YORK TOTAL OFFICE MARKET VACANT SPACE
(In Millions of Rentable Square Feet)
Direct Sublease Total % Vacant % Monthly Change
Midtown Manhattan Office 9.04 1.71 10.75 4.7 % -5.7 %
Midtown South Manhattan Office 3.66 0.3 3.96 6.0 % -3.28 %
Downtown Manhattan Office 4.78 0.81 5.6 6.4 % -1.8 %
Total Manhattan Office 17.49 2.83 20.32 5.4 % -4.15 %
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 20.21 5.09 25.31 7.96 % -5.7 %
Midtown South Manhattan Office 7.16 0.92 8.08 8.21 % abc -3.28 %
Downtown Manhattan Office 7.25 1.36 8.61 7.94 % -1.73 %
Total Manhattan Office 34.62 7.37 41.99 % 0.25 %

Manhattan Office Vacancy Market

  • Total Manhattan Office direct lease vacancy decreased from 18.16 million RSF to 17.49 million RSF.
  • Manhattan Office Sublease vacancy decreased from 3.0 million RSF to 2.83 million RSF.

Manhattan Office Rent Vacancy by Area

  • Total Manhattan Office Market vacancy decreased from 21.16 million RSF to 20.32 million RSF
  • Total Midtown Office vacancy decreased from 11.37 million RSF to 10.75 million RSF
  • Total Midtown South Office vacancy decreased from 4.09 million RSF to 3.96 million RSF
  • Total Downtown Office vacancy decreased from 5.7 million RSF to 5.6 million RSF



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