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March 2007

March 2007 » Market Analysis » New York Office Report

March 2007 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 6.58 1.88 8.46 5.0 % -4.77 %
Midtown South Manhattan Office Class A 0.53 0.02 0.55 6.0 % -0.54 %
Downtown Manhattan Office Class A 3.64 0.46 4.09 9.3 % -10.7 %
Total Manhattan Office Class A 10.75 2.36 13.11 6.1 % -6.45 %
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 11.78 4.7 16.48 7.76 % -4.77 %
Midtown South Manhattan Office Class A 0.63 0.04 0.67 5.0 % abc -0.54 %
Downtown Manhattan Office Class A 4.76 1.08 5.84 8.23 % -6.54 %
Total Manhattan Office Class A 17.18 5.82 23.0 % -2.18 %

Manhattan Class A Office Vacancies

  • Total Manhattan Office Class A vacancies decreased from 13.95 million RSF to 13.11 million RSF.
  • Total Manhattan Office Market vacancies decreased from 23.59 million RSF to 22.6 million RSF.
NEW YORK TOTAL OFFICE MARKET VACANT SPACE
(In Millions of Rentable Square Feet)
Direct Sublease Total % Vacant % Monthly Change
Midtown Manhattan Office 9.77 2.28 12.05 4.8 % -1.7 %
Midtown South Manhattan Office 3.56 0.51 4.07 5.4 % -10.18 %
Downtown Manhattan Office 5.76 0.72 6.48 9.2 % -5.87 %
Total Manhattan Office 19.09 3.5 22.6 5.8 % -4.42 %
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 17.3 5.8 23.09 7.5 % -1.7 %
Midtown South Manhattan Office 6.06 0.73 6.79 7.06 % abc -10.18 %
Downtown Manhattan Office 7.95 1.55 9.49 8.89 % -2.58 %
Total Manhattan Office 31.3 8.07 39.38 % -0.9 %

Manhattan Office Vacancy Market

  • Total Manhattan Office direct lease vacancy decreased from 19.93 million RSF to 19.09 million RSF.
  • Manhattan Office Sublease vacancy decreased from 3.67 million RSF to 3.5 million RSF.

Manhattan Office Rent Vacancy by Area

  • Total Manhattan Office Market vacancy decreased from 23.6 million RSF to 22.6 million RSF
  • Total Midtown Office vacancy decreased from 12.26 million RSF to 12.05 million RSF
  • Total Midtown South Office vacancy decreased from 4.48 million RSF to 4.07 million RSF
  • Total Downtown Office vacancy decreased from 6.86 million RSF to 6.48 million RSF



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