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January 2009

January 2009 » Market Analysis » New York Office Report

January 2009 New York 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 10.4 3.69 14.09 6.3 % 14.89 %
Midtown South Manhattan Office Class A 0.91 0.03 0.95 9.7 % 32.73 %
Downtown Manhattan Office Class A 2.19 1.75 3.94 5.9 % 6.12 %
Total Manhattan Office Class A 13.51 5.47 18.98 6.4 % 13.96 %
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 20.06 7.11 27.17 12.33 % 14.89 %
Midtown South Manhattan Office Class A 1.18 0.13 1.3 9.29 % abc 32.73 %
Downtown Manhattan Office Class A 14.22 2.4 16.63 20.22 % -0.83 %
Total Manhattan Office Class A 35.46 9.64 45.1 % 2.35 %

Manhattan Class A Office Vacancies

  • Total Manhattan Office Class A vacancies increased from 16.33 million RSF to 18.98 million RSF
  • Total Manhattan Office Market vacancies increased from 27.87 million RSF to 31.34 million RSF
NEW YORK TOTAL OFFICE MARKET VACANT SPACE
(In Millions of Rentable Square Feet)
Direct Sublease Total % Vacant % Monthly Change
Midtown Manhattan Office 14.49 4.18 18.67 5.9 % 14.22 %
Midtown South Manhattan Office 5.55 0.71 6.27 7.1 % 8.36 %
Downtown Manhattan Office 4.39 2.01 6.41 6.6 % 4.6 %
Total Manhattan Office 24.43 6.91 31.34 6.2 % 11.08 %
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 26.17 8.48 34.65 10.74 % 14.22 %
Midtown South Manhattan Office 8.07 1.63 9.7 9.68 % abc 8.36 %
Downtown Manhattan Office 18.56 2.86 21.42 17.69 % -0.57 %
Total Manhattan Office 52.8 12.97 65.77 % 2.47 %

Manhattan Office Vacancy Market

  • Total Manhattan Office direct lease vacancy increased from 22.5 million RSF to 24.43 million RSF.
  • Manhattan Office Sublease vacancy increased from 5.37 million RSF to 6.91 million RSF.

Manhattan Office Rent Vacancy by Area

  • Total Manhattan Office Market vacancy increased from 27.87 million RSF to 31.34 million RSF.
  • Total Midtown Office vacancy increased from 16.01 million RSF to 18.67 million RSF.
  • Total Midtown South Office vacancy increased from 5.75 million RSF to 6.27 million RSF.
  • Total Downtown Office vacancy increased from 6.11 million RSF to 6.41 million RSF.



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