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January 2019

January 2019 » Market Analysis » New York Office Report

January 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 13.18 2.64 15.83 8.5 % 3.46 %
Midtown South Manhattan Office Class A 0.5 0.3 0.8 6.1 % -1.04 %
Downtown Manhattan Office Class A 7.2 0.81 8.02 10.7 % 5.69 %
Total Manhattan Office Class A 20.89 3.75 24.64 10.7 % 4.04 %
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 25.67 5.19 30.86 12.6 % 3.46 %
Midtown South Manhattan Office Class A 1.93 0.51 2.44 11.63 % abc -1.04 %
Downtown Manhattan Office Class A 9.46 2.17 11.63 13.0 % 0.2 %
Total Manhattan Office Class A 37.07 7.86 44.93 % -1.2 %

Manhattan Class A Office Vacancies

  • Total Manhattan Office Class A vacancies increased from 23.64 million RSF to 24.64 million RSF
  • Total Manhattan Office Market vacancies increased from 36.24 million RSF to 40.12 million RSF
NEW YORK TOTAL OFFICE MARKET VACANT SPACE
(In Millions of Rentable Square Feet)
Direct Sublease Total % Vacant % Monthly Change
Midtown Manhattan Office 18.15 3.38 21.53 8.3 % 2.71 %
Midtown South Manhattan Office 7.0 1.06 8.07 2.3 % 27.0 %
Downtown Manhattan Office 9.49 1.03 10.52 5.4 % 10.56 %
Total Manhattan Office 34.65 5.47 40.12 4.1 % 9.66 %
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 33.08 6.58 39.66 11.58 % 2.71 %
Midtown South Manhattan Office 11.88 2.09 13.97 3.75 % abc 27.0 %
Downtown Manhattan Office 12.95 2.5 15.45 7.1 % 7.42 %
Total Manhattan Office 57.91 11.17 69.08 % 4.59 %

Manhattan Office Vacancy Market

  • Total Manhattan Office direct lease vacancy increased from 31.29 million RSF to 34.65 million RSF.
  • Manhattan Office Sublease vacancy increased from 4.95 million RSF to 5.47 million RSF.

Manhattan Office Rent Vacancy by Area

  • Total Manhattan Office Market vacancy increased from 36.24 million RSF to 40.12 million RSF.
  • Total Midtown Office vacancy increased from 20.94 million RSF to 21.53 million RSF.
  • Total Midtown South Office vacancy increased from 5.89 million RSF to 8.07 million RSF.
  • Total Downtown Office vacancy increased from 9.41 million RSF to 10.52 million RSF.



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