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February 2008

February 2008 » Market Analysis » New York Office Report

February 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 6.78 1.46 8.24 5.9 % -5.0 %
Midtown South Manhattan Office Class A 0.03 0.05 0.08 9.1 % 24.39 %
Downtown Manhattan Office Class A 2.48 0.55 3.04 5.0 % -3.49 %
Total Manhattan Office Class A 9.29 2.07 11.36 5.8 % -4.38 %
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 15.7 3.54 19.24 8.86 % -5.0 %
Midtown South Manhattan Office Class A 0.98 0.06 1.04 7.12 % abc 24.39 %
Downtown Manhattan Office Class A 3.43 0.86 4.28 6.05 % -9.41 %
Total Manhattan Office Class A 20.1 4.46 24.56 % -2.67 %

Manhattan Class A Office Vacancies

  • Total Manhattan Office Class A vacancies decreased from 11.86 million RSF to 11.36 million RSF.
  • Total Manhattan Office Market vacancies decreased from 22.35 million RSF to 20.94 million RSF.
NEW YORK TOTAL OFFICE MARKET VACANT SPACE
(In Millions of Rentable Square Feet)
Direct Sublease Total % Vacant % Monthly Change
Midtown Manhattan Office 9.64 1.93 11.57 5.4 % -7.95 %
Midtown South Manhattan Office 3.85 0.3 4.15 6.1 % -5.59 %
Downtown Manhattan Office 4.43 0.79 5.22 6.1 % -5.06 %
Total Manhattan Office 17.92 3.01 20.94 5.7 % -6.76 %
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 20.58 4.39 24.97 7.86 % -7.95 %
Midtown South Manhattan Office 7.04 0.79 7.83 7.95 % abc -5.59 %
Downtown Manhattan Office 6.63 1.24 7.86 7.26 % -5.47 %
Total Manhattan Office 34.25 6.42 40.66 % -2.75 %

Manhattan Office Vacancy Market

  • Total Manhattan Office direct lease vacancy decreased from 19.16 million RSF to 17.92 million RSF.
  • Manhattan Office Sublease vacancy decreased from 3.19 million RSF to 3.01 million RSF.

Manhattan Office Rent Vacancy by Area

  • Total Manhattan Office Market vacancy decreased from 22.35 million RSF to 20.94 million RSF
  • Total Midtown Office vacancy decreased from 12.49 million RSF to 11.57 million RSF
  • Total Midtown South Office vacancy decreased from 4.38 million RSF to 4.15 million RSF
  • Total Downtown Office vacancy decreased from 5.48 million RSF to 5.22 million RSF



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