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July 2008

July 2008 » Market Analysis » New York Office Report

July 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 6.92 1.71 8.63 5.4 % -1.3 %
Midtown South Manhattan Office Class A 0.1 0.05 0.15 9.6 % 10.46 %
Downtown Manhattan Office Class A 2.37 1.31 3.68 5.9 % 1.88 %
Total Manhattan Office Class A 9.39 3.07 12.46 5.7 % -0.22 %
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 17.34 4.42 21.77 9.99 % -1.3 %
Midtown South Manhattan Office Class A 1.0 0.15 1.16 7.85 % abc 10.46 %
Downtown Manhattan Office Class A 3.85 1.79 5.64 7.87 % 5.65 %
Total Manhattan Office Class A 22.2 6.37 28.57 % 1.72 %

Manhattan Class A Office Vacancies

  • Total Manhattan Office Class A vacancies decreased from 12.49 million RSF to 12.46 million RSF.
  • Total Manhattan Office Market vacancies increased from 22.68 million RSF to 23.06 million RSF
NEW YORK TOTAL OFFICE MARKET VACANT SPACE
(In Millions of Rentable Square Feet)
Direct Sublease Total % Vacant % Monthly Change
Midtown Manhattan Office 10.12 2.08 12.19 5.1 % 0.35 %
Midtown South Manhattan Office 4.07 0.33 4.4 6.5 % 4.18 %
Downtown Manhattan Office 4.94 1.53 6.46 7.0 % 2.4 %
Total Manhattan Office 19.13 3.94 23.06 5.8 % 1.66 %
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 22.89 5.31 28.2 8.83 % 0.35 %
Midtown South Manhattan Office 6.91 0.82 7.73 7.78 % abc 4.18 %
Downtown Manhattan Office 7.81 2.21 10.02 9.13 % 3.48 %
Total Manhattan Office 37.61 8.34 45.95 % 1.49 %

Manhattan Office Vacancy Market

  • Total Manhattan Office direct lease vacancy increased from 18.99 million RSF to 19.13 million RSF.
  • Manhattan Office Sublease vacancy increased from 3.69 million RSF to 3.94 million RSF.

Manhattan Office Rent Vacancy by Area

  • Total Manhattan Office Market vacancy increased from 22.68 million RSF to 23.06 million RSF.
  • Total Midtown Office vacancy increased from 12.15 million RSF to 12.19 million RSF.
  • Total Midtown South Office vacancy increased from 4.22 million RSF to 4.4 million RSF.
  • Total Downtown Office vacancy increased from 6.31 million RSF to 6.46 million RSF.



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