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February 2009

February 2009 » Market Analysis » New York Office Report

February 2009 Manhattan Real Estate 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 10.37 3.65 14.02 7.3 % -0.53 %
Midtown South Manhattan Office Class A 1.04 0.04 1.08 10.5 % 12.23 %
Downtown Manhattan Office Class A 2.2 1.74 3.94 6.3 % -0.1 %
Total Manhattan Office Class A 13.62 5.42 19.04 7.2 % 0.28 %
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 21.0 7.78 28.79 12.96 % -0.53 %
Midtown South Manhattan Office Class A 1.37 0.26 1.63 11.11 % abc 12.23 %
Downtown Manhattan Office Class A 11.78 2.3 14.08 17.67 % -18.06 %
Total Manhattan Office Class A 34.15 10.34 44.5 % -1.35 %

Manhattan Class A Office Vacancies

  • Total Manhattan Office Class A vacancies increased from 18.98 million RSF to 19.04 million RSF
  • Total Manhattan Office Market vacancies increased from 31.34 million RSF to 32.17 million RSF
NEW YORK TOTAL OFFICE MARKET VACANT SPACE
(In Millions of Rentable Square Feet)
Direct Sublease Total % Vacant % Monthly Change
Midtown Manhattan Office 14.71 4.16 18.87 6.8 % 1.07 %
Midtown South Manhattan Office 5.32 0.86 6.18 7.2 % -1.42 %
Downtown Manhattan Office 4.39 2.74 7.12 7.0 % 10.05 %
Total Manhattan Office 24.41 7.76 32.17 6.9 % 2.58 %
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 27.67 9.28 36.95 11.4 % 1.07 %
Midtown South Manhattan Office 8.28 2.01 10.29 10.14 % abc -1.42 %
Downtown Manhattan Office 16.17 2.74 18.91 16.09 % -13.26 %
Total Manhattan Office 52.12 14.03 66.15 % 0.57 %

Manhattan Office Vacancy Market

  • Total Manhattan Office direct lease vacancy decreased from 24.43 million RSF to 24.41 million RSF.
  • Manhattan Office Sublease vacancy increased from 6.91 million RSF to 7.76 million RSF.

Manhattan Office Rent Vacancy by Area

  • Total Manhattan Office Market vacancy increased from 31.34 million RSF to 32.17 million RSF.
  • Total Midtown Office vacancy increased from 18.67 million RSF to 18.87 million RSF.
  • Total Midtown South Office vacancy decreased from 6.27 million RSF to 6.18 million RSF
  • Total Downtown Office vacancy increased from 6.41 million RSF to 7.12 million RSF.



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