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June 2008

June 2008 » Market Analysis » New York Office Report

June 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 7.18 1.57 8.75 5.3 % 0.56 %
Midtown South Manhattan Office Class A 0.09 0.05 0.14 9.4 % 11.68 %
Downtown Manhattan Office Class A 2.26 1.35 3.61 5.7 % -2.72 %
Total Manhattan Office Class A 9.52 2.97 12.49 5.6 % -0.26 %
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 17.52 4.12 21.63 9.86 % 0.56 %
Midtown South Manhattan Office Class A 0.96 0.15 1.12 7.61 % abc 11.68 %
Downtown Manhattan Office Class A 3.53 1.8 5.33 7.45 % 2.01 %
Total Manhattan Office Class A 22.01 6.07 28.08 % 2.17 %

Manhattan Class A Office Vacancies

  • Total Manhattan Office Class A vacancies decreased from 12.52 million RSF to 12.49 million RSF.
  • Total Manhattan Office Market vacancies increased from 22.31 million RSF to 22.68 million RSF
NEW YORK TOTAL OFFICE MARKET VACANT SPACE
(In Millions of Rentable Square Feet)
Direct Sublease Total % Vacant % Monthly Change
Midtown Manhattan Office 10.29 1.86 12.15 5.1 % 2.31 %
Midtown South Manhattan Office 3.95 0.27 4.22 6.5 % 3.51 %
Downtown Manhattan Office 4.75 1.55 6.31 6.8 % -1.0 %
Total Manhattan Office 18.99 3.69 22.68 5.7 % 1.61 %
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 22.93 4.98 27.9 8.71 % 2.31 %
Midtown South Manhattan Office 6.87 0.82 7.69 7.81 % abc 3.51 %
Downtown Manhattan Office 7.47 2.19 9.67 8.82 % 1.02 %
Total Manhattan Office 37.27 7.99 45.26 % 1.28 %

Manhattan Office Vacancy Market

  • Total Manhattan Office direct lease vacancy increased from 18.45 million RSF to 18.99 million RSF.
  • Manhattan Office Sublease vacancy decreased from 3.87 million RSF to 3.69 million RSF.

Manhattan Office Rent Vacancy by Area

  • Total Manhattan Office Market vacancy increased from 22.31 million RSF to 22.68 million RSF.
  • Total Midtown Office vacancy increased from 11.87 million RSF to 12.15 million RSF.
  • Total Midtown South Office vacancy increased from 4.07 million RSF to 4.22 million RSF.
  • Total Downtown Office vacancy decreased from 6.37 million RSF to 6.31 million RSF



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