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February 2007

February 2007 » Market Analysis » New York Office Report

February 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 6.94 1.93 8.87 5.4 % -2.1 %
Midtown South Manhattan Office Class A 0.53 0.02 0.55 6.4 % -5.96 %
Downtown Manhattan Office Class A 4.03 0.5 4.53 10.2 % -10.99 %
Total Manhattan Office Class A 11.51 2.45 13.95 6.6 % -5.14 %
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 12.14 4.45 16.59 7.83 % -2.1 %
Midtown South Manhattan Office Class A 0.63 0.04 0.68 5.12 % abc -5.96 %
Downtown Manhattan Office Class A 5.17 1.06 6.23 8.78 % -8.11 %
Total Manhattan Office Class A 17.94 5.55 23.5 % -4.76 %

Manhattan Class A Office Vacancies

  • Total Manhattan Office Class A vacancies decreased from 14.67 million RSF to 13.95 million RSF.
  • Total Manhattan Office Market vacancies decreased from 24.07 million RSF to 23.59 million RSF.
NEW YORK TOTAL OFFICE MARKET VACANT SPACE
(In Millions of Rentable Square Feet)
Direct Sublease Total % Vacant % Monthly Change
Midtown Manhattan Office 9.84 2.42 12.26 5.0 % -1.11 %
Midtown South Manhattan Office 3.98 0.5 4.48 5.5 % 2.97 %
Downtown Manhattan Office 6.11 0.75 6.86 9.8 % -6.93 %
Total Manhattan Office 19.93 3.67 23.6 6.1 % -2.03 %
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 17.3 5.7 23.0 7.48 % -1.11 %
Midtown South Manhattan Office 6.31 0.68 6.99 7.3 % abc 2.97 %
Downtown Manhattan Office 8.23 1.51 9.74 9.13 % -2.54 %
Total Manhattan Office 31.85 7.88 39.73 % -2.22 %

Manhattan Office Vacancy Market

  • Total Manhattan Office direct lease vacancy decreased from 20.18 million RSF to 19.93 million RSF.
  • Manhattan Office Sublease vacancy decreased from 3.9 million RSF to 3.67 million RSF.

Manhattan Office Rent Vacancy by Area

  • Total Manhattan Office Market vacancy decreased from 24.07 million RSF to 23.6 million RSF
  • Total Midtown Office vacancy decreased from 12.39 million RSF to 12.26 million RSF
  • Total Midtown South Office vacancy increased from 4.35 million RSF to 4.48 million RSF.
  • Total Downtown Office vacancy decreased from 7.33 million RSF to 6.86 million RSF



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