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February 2019

February 2019 » Market Analysis » New York Office Report

February 2019 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 13.02 2.5 15.52 8.8 % -1.97 %
Midtown South Manhattan Office Class A 0.57 0.24 0.81 6.7 % 1.12 %
Downtown Manhattan Office Class A 6.69 0.87 7.57 10.3 % -5.95 %
Total Manhattan Office Class A 20.28 3.61 23.89 9.1 % -3.13 %
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 26.89 5.38 32.27 13.0 % -1.97 %
Midtown South Manhattan Office Class A 2.07 0.43 2.49 11.81 % abc 1.12 %
Downtown Manhattan Office Class A 9.04 2.06 11.1 12.4 % -4.73 %
Total Manhattan Office Class A 38.0 7.86 45.86 % 2.04 %

Manhattan Class A Office Vacancies

  • Total Manhattan Office Class A vacancies decreased from 24.64 million RSF to 23.89 million RSF.
  • Total Manhattan Office Market vacancies decreased from 40.12 million RSF to 36.89 million RSF.
NEW YORK TOTAL OFFICE MARKET VACANT SPACE
(In Millions of Rentable Square Feet)
Direct Sublease Total % Vacant % Monthly Change
Midtown Manhattan Office 18.07 3.29 21.36 8.6 % -0.77 %
Midtown South Manhattan Office 4.81 1.29 6.1 8.6 % -32.35 %
Downtown Manhattan Office 8.36 1.07 9.43 8.8 % -11.57 %
Total Manhattan Office 31.24 5.65 36.89 8.3 % -8.75 %
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 34.05 6.98 41.04 11.87 % -0.77 %
Midtown South Manhattan Office 10.05 2.1 12.15 10.75 % abc -32.35 %
Downtown Manhattan Office 11.59 2.35 13.94 10.94 % -2.25 %
Total Manhattan Office 55.7 11.43 67.13 % -1.13 %

Manhattan Office Vacancy Market

  • Total Manhattan Office direct lease vacancy decreased from 34.65 million RSF to 31.24 million RSF.
  • Manhattan Office Sublease vacancy increased from 5.47 million RSF to 5.65 million RSF.

Manhattan Office Rent Vacancy by Area

  • Total Manhattan Office Market vacancy decreased from 40.12 million RSF to 36.89 million RSF
  • Total Midtown Office vacancy decreased from 21.53 million RSF to 21.36 million RSF
  • Total Midtown South Office vacancy decreased from 8.07 million RSF to 6.1 million RSF
  • Total Downtown Office vacancy decreased from 10.52 million RSF to 9.43 million RSF



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