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March 2013

March 2013 » Market Analysis » New York Office Report

March 2013 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 12.87 3.17 16.04 9.0 % 4.17 %
Midtown South Manhattan Office Class A 0.45 0.02 0.47 8.6 % 24.89 %
Downtown Manhattan Office Class A 4.42 0.53 4.95 7.9 % 4.36 %
Total Manhattan Office Class A 17.74 3.71 21.46 8.7 % 4.67 %
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 22.55 6.4 28.96 12.76 % 4.17 %
Midtown South Manhattan Office Class A 1.2 0.19 1.39 9.27 % abc 24.89 %
Downtown Manhattan Office Class A 15.04 1.2 16.24 18.46 % 0.64 %
Total Manhattan Office Class A 38.79 7.79 46.58 % 1.96 %

Manhattan Class A Office Vacancies

  • Total Manhattan Office Class A vacancies increased from 20.45 million RSF to 21.46 million RSF
  • Total Manhattan Office Market vacancies increased from 31.24 million RSF to 32.71 million RSF
NEW YORK TOTAL OFFICE MARKET VACANT SPACE
(In Millions of Rentable Square Feet)
Direct Sublease Total % Vacant % Monthly Change
Midtown Manhattan Office 17.43 3.65 21.09 8.0 % 4.68 %
Midtown South Manhattan Office 4.29 0.33 4.62 5.9 % 5.02 %
Downtown Manhattan Office 6.22 0.78 7.0 7.0 % 3.59 %
Total Manhattan Office 27.94 4.77 32.71 7.4 % 4.49 %
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 30.21 7.61 37.83 11.52 % 4.68 %
Midtown South Manhattan Office 8.31 1.19 9.5 9.04 % abc 5.02 %
Downtown Manhattan Office 18.55 1.83 20.38 15.37 % 1.45 %
Total Manhattan Office 57.07 10.63 67.7 % 1.43 %

Manhattan Office Vacancy Market

  • Total Manhattan Office direct lease vacancy increased from 27.17 million RSF to 27.94 million RSF.
  • Manhattan Office Sublease vacancy increased from 4.07 million RSF to 4.77 million RSF.

Manhattan Office Rent Vacancy by Area

  • Total Manhattan Office Market vacancy increased from 31.24 million RSF to 32.71 million RSF.
  • Total Midtown Office vacancy increased from 20.1 million RSF to 21.09 million RSF.
  • Total Midtown South Office vacancy increased from 4.39 million RSF to 4.62 million RSF.
  • Total Downtown Office vacancy increased from 6.75 million RSF to 7.0 million RSF.



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