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July 2009

July 2009 » Market Analysis » New York Office Report

July 2009 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 11.38 3.71 15.09 8.1 % 2.96 %
Midtown South Manhattan Office Class A 0.78 0.03 0.81 10.7 % 12.47 %
Downtown Manhattan Office Class A 2.11 1.72 3.83 6.2 % 7.22 %
Total Manhattan Office Class A 14.27 5.46 19.74 7.8 % 4.18 %
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 22.99 10.63 33.62 14.89 % 2.96 %
Midtown South Manhattan Office Class A 1.91 0.27 2.17 13.88 % abc 12.47 %
Downtown Manhattan Office Class A 12.07 2.37 14.44 18.02 % -0.19 %
Total Manhattan Office Class A 36.96 13.27 50.23 % 1.49 %

Manhattan Class A Office Vacancies

  • Total Manhattan Office Class A vacancies increased from 18.91 million RSF to 19.74 million RSF
  • Total Manhattan Office Market vacancies increased from 31.92 million RSF to 32.71 million RSF
NEW YORK TOTAL OFFICE MARKET VACANT SPACE
(In Millions of Rentable Square Feet)
Direct Sublease Total % Vacant % Monthly Change
Midtown Manhattan Office 15.87 4.1 19.96 7.2 % 2.11 %
Midtown South Manhattan Office 5.55 0.85 6.41 7.4 % 1.92 %
Downtown Manhattan Office 4.46 1.88 6.33 7.1 % 3.82 %
Total Manhattan Office 25.88 6.83 32.71 7.2 % 2.4 %
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 31.3 12.41 43.7 13.26 % 2.11 %
Midtown South Manhattan Office 10.1 2.45 12.55 12.06 % abc 1.92 %
Downtown Manhattan Office 16.81 2.9 19.7 16.57 % 0.21 %
Total Manhattan Office 58.2 17.75 75.95 % 1.25 %

Manhattan Office Vacancy Market

  • Total Manhattan Office direct lease vacancy increased from 25.46 million RSF to 25.88 million RSF.
  • Manhattan Office Sublease vacancy increased from 6.46 million RSF to 6.83 million RSF.

Manhattan Office Rent Vacancy by Area

  • Total Manhattan Office Market vacancy increased from 31.92 million RSF to 32.71 million RSF.
  • Total Midtown Office vacancy increased from 19.54 million RSF to 19.96 million RSF.
  • Total Midtown South Office vacancy increased from 6.28 million RSF to 6.41 million RSF.
  • Total Downtown Office vacancy increased from 6.09 million RSF to 6.33 million RSF.



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