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December 2017

December 2017 » Market Analysis » New York Office Report

December 2017 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 13.46 2.55 16.01 8.8 % -7.81 %
Midtown South Manhattan Office Class A 0.46 0.06 0.52 4.4 % 14.12 %
Downtown Manhattan Office Class A 5.44 0.71 6.15 10.2 % 0.39 %
Total Manhattan Office Class A 19.36 3.32 22.68 8.9 % -5.08 %
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 23.29 4.94 28.23 11.73 % -7.81 %
Midtown South Manhattan Office Class A 1.87 0.51 2.38 12.7 % abc 14.12 %
Downtown Manhattan Office Class A 10.11 1.9 12.01 13.54 % 0.94 %
Total Manhattan Office Class A 35.27 7.35 42.62 % -0.64 %

Manhattan Class A Office Vacancies

  • Total Manhattan Office Class A vacancies decreased from 23.84 million RSF to 22.68 million RSF.
  • Total Manhattan Office Market vacancies decreased from 38.36 million RSF to 37.06 million RSF.
NEW YORK TOTAL OFFICE MARKET VACANT SPACE
(In Millions of Rentable Square Feet)
Direct Sublease Total % Vacant % Monthly Change
Midtown Manhattan Office 18.76 3.52 22.28 8.4 % -6.02 %
Midtown South Manhattan Office 5.77 1.09 6.86 7.5 % 0.98 %
Downtown Manhattan Office 7.06 0.87 7.93 8.6 % -0.23 %
Total Manhattan Office 31.58 5.48 37.06 8.2 % -3.49 %
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 31.46 6.71 38.17 11.22 % -6.02 %
Midtown South Manhattan Office 9.27 2.39 11.66 10.88 % abc 0.98 %
Downtown Manhattan Office 12.74 2.15 14.88 11.78 % 0.83 %
Total Manhattan Office 53.47 11.25 64.71 % -1.22 %

Manhattan Office Vacancy Market

  • Total Manhattan Office direct lease vacancy decreased from 33.1 million RSF to 31.58 million RSF.
  • Manhattan Office Sublease vacancy increased from 5.25 million RSF to 5.48 million RSF.

Manhattan Office Rent Vacancy by Area

  • Total Manhattan Office Market vacancy decreased from 38.36 million RSF to 37.06 million RSF
  • Total Midtown Office vacancy decreased from 23.62 million RSF to 22.28 million RSF
  • Total Midtown South Office vacancy increased from 6.79 million RSF to 6.86 million RSF.
  • Total Downtown Office vacancy decreased from 7.95 million RSF to 7.93 million RSF



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