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February 2016

February 2016 » Market Analysis » New York Office Report

February 2016 NYC 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 13.79 1.8 15.59 8.5 % 3.22 %
Midtown South Manhattan Office Class A 0.14 0.07 0.21 1.6 % 8.49 %
Downtown Manhattan Office Class A 7.52 0.29 7.8 11.1 % -2.93 %
Total Manhattan Office Class A 21.44 2.16 23.6 8.8 % 1.23 %
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 25.22 3.74 28.96 12.04 % 3.22 %
Midtown South Manhattan Office Class A 0.33 0.1 0.43 2.79 % abc 8.49 %
Downtown Manhattan Office Class A 10.37 1.44 11.8 13.62 % -2.45 %
Total Manhattan Office Class A 35.91 5.28 41.19 % -1.67 %

Manhattan Class A Office Vacancies

  • Total Manhattan Office Class A vacancies increased from 23.31 million RSF to 23.6 million RSF
  • Total Manhattan Office Market vacancies increased from 34.78 million RSF to 35.66 million RSF
NEW YORK TOTAL OFFICE MARKET VACANT SPACE
(In Millions of Rentable Square Feet)
Direct Sublease Total % Vacant % Monthly Change
Midtown Manhattan Office 18.2 2.37 20.56 7.8 % 3.68 %
Midtown South Manhattan Office 4.9 0.42 5.32 6.3 % 6.1 %
Downtown Manhattan Office 9.32 0.45 9.77 9.4 % -2.13 %
Total Manhattan Office 32.42 3.24 35.66 7.8 % 2.45 %
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 32.05 5.0 37.05 10.98 % 3.68 %
Midtown South Manhattan Office 7.68 1.07 8.75 8.4 % abc 6.1 %
Downtown Manhattan Office 13.22 1.69 14.92 11.95 % -2.59 %
Total Manhattan Office 52.95 7.77 60.72 % -0.17 %

Manhattan Office Vacancy Market

  • Total Manhattan Office direct lease vacancy increased from 31.55 million RSF to 32.42 million RSF.
  • Manhattan Office Sublease vacancy stayed at 3.24 million RSF.

Manhattan Office Rent Vacancy by Area

  • Total Manhattan Office Market vacancy increased from 34.78 million RSF to 35.66 million RSF.
  • Total Midtown Office vacancy increased from 19.81 million RSF to 20.56 million RSF.
  • Total Midtown South Office vacancy increased from 5.0 million RSF to 5.32 million RSF.
  • Total Downtown Office vacancy decreased from 9.98 million RSF to 9.77 million RSF



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