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March 2016

March 2016 » Market Analysis » New York Office Report

March 2016 NYC 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 13.96 1.9 15.86 8.6 % 1.75 %
Midtown South Manhattan Office Class A 0.14 0.03 0.17 2.0 % -24.71 %
Downtown Manhattan Office Class A 7.42 0.34 7.76 10.9 % -0.57 %
Total Manhattan Office Class A 21.51 2.28 23.79 8.9 % 0.8 %
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 25.37 3.69 29.06 12.09 % 1.75 %
Midtown South Manhattan Office Class A 0.56 0.06 0.62 3.9 % abc -24.71 %
Downtown Manhattan Office Class A 10.34 1.12 11.46 13.27 % -3.01 %
Total Manhattan Office Class A 36.27 4.87 41.14 % -0.13 %

Manhattan Class A Office Vacancies

  • Total Manhattan Office Class A vacancies increased from 23.6 million RSF to 23.79 million RSF
  • Total Manhattan Office Market vacancies increased from 35.66 million RSF to 36.05 million RSF
NEW YORK TOTAL OFFICE MARKET VACANT SPACE
(In Millions of Rentable Square Feet)
Direct Sublease Total % Vacant % Monthly Change
Midtown Manhattan Office 18.47 2.47 20.94 7.9 % 1.8 %
Midtown South Manhattan Office 4.97 0.4 5.37 6.4 % 0.89 %
Downtown Manhattan Office 9.22 0.51 9.73 9.2 % -0.36 %
Total Manhattan Office 32.66 3.38 36.05 7.9 % 1.08 %
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 32.26 5.03 37.29 11.05 % 1.8 %
Midtown South Manhattan Office 8.08 1.03 9.11 8.7 % abc 0.89 %
Downtown Manhattan Office 13.24 1.34 14.58 11.71 % -2.28 %
Total Manhattan Office 53.58 7.4 60.99 % 0.44 %

Manhattan Office Vacancy Market

  • Total Manhattan Office direct lease vacancy increased from 32.42 million RSF to 32.66 million RSF.
  • Manhattan Office Sublease vacancy increased from 3.24 million RSF to 3.38 million RSF.

Manhattan Office Rent Vacancy by Area

  • Total Manhattan Office Market vacancy increased from 35.66 million RSF to 36.05 million RSF.
  • Total Midtown Office vacancy increased from 20.56 million RSF to 20.94 million RSF.
  • Total Midtown South Office vacancy increased from 5.32 million RSF to 5.37 million RSF.
  • Total Downtown Office vacancy decreased from 9.77 million RSF to 9.73 million RSF



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