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December 2008

December 2008 » Market Analysis » New York Office Report

December 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 9.39 2.6 12.0 6.5 % 8.47 %
Midtown South Manhattan Office Class A 0.62 0.02 0.64 7.7 % 0.94 %
Downtown Manhattan Office Class A 2.3 1.4 3.7 5.8 % -2.51 %
Total Manhattan Office Class A 12.32 4.01 16.33 6.4 % 5.69 %
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 19.59 6.37 25.96 11.76 % 8.47 %
Midtown South Manhattan Office Class A 1.19 0.13 1.32 9.1 % abc 0.94 %
Downtown Manhattan Office Class A 14.32 2.44 16.76 20.26 % 3.23 %
Total Manhattan Office Class A 35.1 8.94 44.04 % 4.12 %

Manhattan Class A Office Vacancies

  • Total Manhattan Office Class A vacancies increased from 15.4 million RSF to 16.33 million RSF
  • Total Manhattan Office Market vacancies increased from 26.52 million RSF to 27.87 million RSF
NEW YORK TOTAL OFFICE MARKET VACANT SPACE
(In Millions of Rentable Square Feet)
Direct Sublease Total % Vacant % Monthly Change
Midtown Manhattan Office 12.96 3.05 16.01 6.0 % 7.46 %
Midtown South Manhattan Office 5.07 0.68 5.75 6.9 % 2.26 %
Downtown Manhattan Office 4.48 1.63 6.11 6.6 % 0.39 %
Total Manhattan Office 22.5 5.37 27.87 6.3 % 4.84 %
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 25.59 7.67 33.26 10.3 % 7.46 %
Midtown South Manhattan Office 7.74 1.61 9.34 9.31 % abc 2.26 %
Downtown Manhattan Office 18.66 2.88 21.54 17.71 % 5.81 %
Total Manhattan Office 51.98 12.16 64.14 % 5.47 %

Manhattan Office Vacancy Market

  • Total Manhattan Office direct lease vacancy increased from 21.58 million RSF to 22.5 million RSF.
  • Manhattan Office Sublease vacancy increased from 4.94 million RSF to 5.37 million RSF.

Manhattan Office Rent Vacancy by Area

  • Total Manhattan Office Market vacancy increased from 26.52 million RSF to 27.87 million RSF.
  • Total Midtown Office vacancy increased from 14.82 million RSF to 16.01 million RSF.
  • Total Midtown South Office vacancy increased from 5.62 million RSF to 5.75 million RSF.
  • Total Downtown Office vacancy increased from 6.09 million RSF to 6.11 million RSF.



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