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February 2014

February 2014 » Market Analysis » New York Office Report

February 2014 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 14.09 2.34 16.43 9.0 % -5.03 %
Midtown South Manhattan Office Class A 0.9 0.03 0.93 8.6 % -1.4 %
Downtown Manhattan Office Class A 7.56 0.52 8.08 12.8 % -5.83 %
Total Manhattan Office Class A 22.55 2.89 25.44 9.9 % -5.15 %
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 22.93 5.1 28.03 12.18 % -5.03 %
Midtown South Manhattan Office Class A 0.99 0.06 1.05 6.92 % abc -1.4 %
Downtown Manhattan Office Class A 13.3 1.15 14.46 16.5 % -4.65 %
Total Manhattan Office Class A 37.23 6.31 43.53 % -1.14 %

Manhattan Class A Office Vacancies

  • Total Manhattan Office Class A vacancies decreased from 26.75 million RSF to 25.44 million RSF.
  • Total Manhattan Office Market vacancies decreased from 38.58 million RSF to 37.09 million RSF.
NEW YORK TOTAL OFFICE MARKET VACANT SPACE
(In Millions of Rentable Square Feet)
Direct Sublease Total % Vacant % Monthly Change
Midtown Manhattan Office 18.61 2.6 21.22 8.0 % -3.74 %
Midtown South Manhattan Office 5.48 0.3 5.78 7.1 % -1.78 %
Downtown Manhattan Office 9.34 0.75 10.09 10.5 % -5.88 %
Total Manhattan Office 33.43 3.65 37.09 8.4 % -4.02 %
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 29.82 5.82 35.64 10.82 % -3.74 %
Midtown South Manhattan Office 8.81 1.26 10.08 9.56 % abc -1.78 %
Downtown Manhattan Office 16.12 1.58 17.71 13.64 % -4.76 %
Total Manhattan Office 54.75 8.67 63.42 % -0.9 %

Manhattan Office Vacancy Market

  • Total Manhattan Office direct lease vacancy decreased from 34.73 million RSF to 33.43 million RSF.
  • Manhattan Office Sublease vacancy decreased from 3.85 million RSF to 3.65 million RSF.

Manhattan Office Rent Vacancy by Area

  • Total Manhattan Office Market vacancy decreased from 38.58 million RSF to 37.09 million RSF
  • Total Midtown Office vacancy decreased from 22.01 million RSF to 21.22 million RSF
  • Total Midtown South Office vacancy decreased from 5.89 million RSF to 5.78 million RSF
  • Total Downtown Office vacancy decreased from 10.68 million RSF to 10.09 million RSF



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