market research

July 2012

July 2012 New York Commercial Real Estate Market Report

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Large new retail leases for (Nordstrom, Burlington Coat Factory and Express) and Office renewals for Morgan Stanley and Citigroup were announced in June. Meanwhile a bankruptcy for Dewey & LeBoeuf and a few large subleases are on the market, increasing vacancies in available office space. Prices remain relatively firm for Class A office space, as technology and education expanded........

New York Market Overview

  • Total Manhattan Class A Office vacancies stayed at 8.2 % vacant
  • Total New York City Office vacancy decreased from 7.1 % vacant to 7.0 % vacant
New York City Market Overview:

Total Manhattan Office Class A vacancies increased from 19.80 million RSF to 20.71 million RSF.
Total Manhattan Office Market vacancies increased from 30.47 million RSF to 31.21 million RSF.
Total Midtown Office vacancy increased from 19.96 million RSF to 20.89 million RSF.
Total Midtown South Office vacancy decreased from 3.86 million RSF to 3.77 million RSF.
Total Downtown Office vacancy decreased from 6.65 million RSF to 6.55 million RSF.
Total vacant Office Direct Space For Rent in Midtown Manhattan increased from 17.12 million RSF to 18.02 million RSF.
Total vacant Office Sublease Space For Lease in Midtown Manhattan increased from 2.84 million RSF to 2.88 million RSF.
Total vacant Office Direct Space in Midtown South Manhattan decreased from 3.57 million RSF to 3.49 million RSF.
Midtown South Manhattan Sublease vacancies decreased from 0.29 million RSF to 0.27 million RSF.
Total Downtown Manhattan Office Direct Lease Space decreased from 5.88 million RSF to 5.79 million RSF.
Total Downtown Manhattan Office Sublease Vacancies decreased from 0.77 million RSF to 0.76 million RSF.
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