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March 2008

March 2008 » Market Analysis » New York Office Report

March 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 6.66 1.61 8.27 5.0 % 0.31 %
Midtown South Manhattan Office Class A 0.04 0.05 0.09 9.2 % 11.83 %
Downtown Manhattan Office Class A 2.56 0.61 3.16 5.2 % 3.98 %
Total Manhattan Office Class A 9.26 2.27 11.52 5.3 % 1.41 %
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 16.02 3.76 19.78 9.13 % 0.31 %
Midtown South Manhattan Office Class A 0.96 0.06 1.02 7.02 % abc 11.83 %
Downtown Manhattan Office Class A 3.53 0.93 4.46 6.28 % 3.95 %
Total Manhattan Office Class A 20.52 4.75 25.26 % 2.77 %

Manhattan Class A Office Vacancies

  • Total Manhattan Office Class A vacancies increased from 11.36 million RSF to 11.52 million RSF
  • Total Manhattan Office Market vacancies increased from 20.94 million RSF to 21.4 million RSF
NEW YORK TOTAL OFFICE MARKET VACANT SPACE
(In Millions of Rentable Square Feet)
Direct Sublease Total % Vacant % Monthly Change
Midtown Manhattan Office 9.6 2.06 11.66 4.8 % 0.79 %
Midtown South Manhattan Office 3.75 0.28 4.04 6.0 % -2.78 %
Downtown Manhattan Office 4.86 0.84 5.7 6.6 % 8.44 %
Total Manhattan Office 18.22 3.18 21.4 5.4 % 2.15 %
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 21.08 4.65 25.73 8.1 % 0.79 %
Midtown South Manhattan Office 7.2 0.86 8.06 8.15 % abc -2.78 %
Downtown Manhattan Office 7.26 1.34 8.6 7.91 % 8.57 %
Total Manhattan Office 35.54 6.85 42.39 % 4.09 %

Manhattan Office Vacancy Market

  • Total Manhattan Office direct lease vacancy increased from 17.92 million RSF to 18.22 million RSF.
  • Manhattan Office Sublease vacancy increased from 3.01 million RSF to 3.18 million RSF.

Manhattan Office Rent Vacancy by Area

  • Total Manhattan Office Market vacancy increased from 20.94 million RSF to 21.4 million RSF.
  • Total Midtown Office vacancy increased from 11.57 million RSF to 11.66 million RSF.
  • Total Midtown South Office vacancy decreased from 4.15 million RSF to 4.04 million RSF
  • Total Downtown Office vacancy increased from 5.22 million RSF to 5.7 million RSF.



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