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March 2009

March 2009 » Market Analysis » New York Office Report

March 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 10.45 3.72 14.17 7.4 % 1.06 %
Midtown South Manhattan Office Class A 1.03 0.04 1.07 10.7 % -0.65 %
Downtown Manhattan Office Class A 2.1 1.56 3.67 6.2 % -7.39 %
Total Manhattan Office Class A 13.59 5.32 18.91 7.3 % -0.68 %
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 21.26 8.68 29.94 13.41 % 1.06 %
Midtown South Manhattan Office Class A 1.35 0.3 1.65 11.26 % abc -0.65 %
Downtown Manhattan Office Class A 11.73 2.28 14.01 17.54 % -0.51 %
Total Manhattan Office Class A 34.34 11.26 45.6 % 2.42 %

Manhattan Class A Office Vacancies

  • Total Manhattan Office Class A vacancies decreased from 19.04 million RSF to 18.91 million RSF.
  • Total Manhattan Office Market vacancies decreased from 32.17 million RSF to 31.32 million RSF.
NEW YORK TOTAL OFFICE MARKET VACANT SPACE
(In Millions of Rentable Square Feet)
Direct Sublease Total % Vacant % Monthly Change
Midtown Manhattan Office 14.8 4.26 19.06 6.9 % 1.03 %
Midtown South Manhattan Office 5.36 0.76 6.12 7.1 % -1.01 %
Downtown Manhattan Office 4.35 1.79 6.14 7.0 % -16.03 %
Total Manhattan Office 24.51 6.81 31.32 7.0 % -2.71 %
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 28.36 10.39 38.75 11.86 % 1.03 %
Midtown South Manhattan Office 8.67 2.13 10.8 10.62 % abc -1.01 %
Downtown Manhattan Office 16.25 2.73 18.98 16.02 % 0.35 %
Total Manhattan Office 53.28 15.25 68.53 % 3.48 %

Manhattan Office Vacancy Market

  • Total Manhattan Office direct lease vacancy increased from 24.41 million RSF to 24.51 million RSF.
  • Manhattan Office Sublease vacancy decreased from 7.76 million RSF to 6.81 million RSF.

Manhattan Office Rent Vacancy by Area

  • Total Manhattan Office Market vacancy decreased from 32.17 million RSF to 31.32 million RSF
  • Total Midtown Office vacancy increased from 18.87 million RSF to 19.06 million RSF.
  • Total Midtown South Office vacancy decreased from 6.18 million RSF to 6.12 million RSF
  • Total Downtown Office vacancy decreased from 7.12 million RSF to 6.14 million RSF



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