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January 2008

January 2008 » Market Analysis » New York Office Report

January 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 7.08 1.57 8.65 4.8 % 14.61 %
Midtown South Manhattan Office Class A 0.05 0.01 0.06 9.0 % -37.1 %
Downtown Manhattan Office Class A 2.58 0.56 3.14 5.0 % -4.77 %
Total Manhattan Office Class A 9.71 2.15 11.86 5.1 % 9.2 %
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 15.52 4.03 19.55 8.97 % 14.61 %
Midtown South Manhattan Office Class A 0.96 0.03 0.99 6.74 % abc -37.1 %
Downtown Manhattan Office Class A 3.83 0.86 4.69 6.59 % -6.55 %
Total Manhattan Office Class A 20.3 4.92 25.22 % -0.94 %

Manhattan Class A Office Vacancies

  • Total Manhattan Office Class A vacancies increased from 10.77 million RSF to 11.86 million RSF
  • Total Manhattan Office Market vacancies increased from 20.32 million RSF to 22.35 million RSF
NEW YORK TOTAL OFFICE MARKET VACANT SPACE
(In Millions of Rentable Square Feet)
Direct Sublease Total % Vacant % Monthly Change
Midtown Manhattan Office 10.38 2.11 12.49 4.5 % 13.89 %
Midtown South Manhattan Office 4.11 0.27 4.38 6.0 % 9.52 %
Downtown Manhattan Office 4.68 0.8 5.48 6.2 % -2.1 %
Total Manhattan Office 19.16 3.19 22.35 5.1 % 9.11 %
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 20.76 4.97 25.73 8.13 % 13.89 %
Midtown South Manhattan Office 6.88 0.88 7.75 7.89 % abc 9.52 %
Downtown Manhattan Office 7.07 1.23 8.29 7.65 % -3.77 %
Total Manhattan Office 34.7 7.08 41.78 % -0.51 %

Manhattan Office Vacancy Market

  • Total Manhattan Office direct lease vacancy increased from 17.49 million RSF to 19.16 million RSF.
  • Manhattan Office Sublease vacancy increased from 2.83 million RSF to 3.19 million RSF.

Manhattan Office Rent Vacancy by Area

  • Total Manhattan Office Market vacancy increased from 20.32 million RSF to 22.35 million RSF.
  • Total Midtown Office vacancy increased from 10.75 million RSF to 12.49 million RSF.
  • Total Midtown South Office vacancy increased from 3.96 million RSF to 4.38 million RSF.
  • Total Downtown Office vacancy decreased from 5.6 million RSF to 5.48 million RSF



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