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March 2017

March 2017 » Market Analysis » New York Office Report

March 2017 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 16.2 1.81 18.01 9.7 % 5.17 %
Midtown South Manhattan Office Class A 0.56 0.06 0.62 4.8 % 13.67 %
Downtown Manhattan Office Class A 5.97 0.52 6.49 9.6 % -13.03 %
Total Manhattan Office Class A 22.73 2.4 25.13 9.5 % 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 27.14 4.47 31.6 13.11 % 5.17 %
Midtown South Manhattan Office Class A 1.26 0.13 1.39 8.18 % abc 13.67 %
Downtown Manhattan Office Class A 10.96 1.23 12.2 13.8 % -3.88 %
Total Manhattan Office Class A 39.36 5.83 45.19 % -0.05 %

Manhattan Class A Office Vacancies

  • Total Manhattan Office Class A vacancies increased from 24.95 million RSF to 25.13 million RSF
  • Total Manhattan Office Market vacancies decreased from 39.16 million RSF to 38.67 million RSF.
NEW YORK TOTAL OFFICE MARKET VACANT SPACE
(In Millions of Rentable Square Feet)
Direct Sublease Total % Vacant % Monthly Change
Midtown Manhattan Office 20.84 2.55 23.39 8.8 % 1.65 %
Midtown South Manhattan Office 5.75 0.79 6.53 7.4 % 0.47 %
Downtown Manhattan Office 8.11 0.64 8.75 8.7 % -10.29 %
Total Manhattan Office 34.7 3.98 38.67 8.5 % -1.25 %
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 34.92 6.04 40.96 12.04 % 1.65 %
Midtown South Manhattan Office 8.64 1.92 10.56 10.0 % abc 0.47 %
Downtown Manhattan Office 14.06 1.49 15.55 12.31 % -3.53 %
Total Manhattan Office 57.62 9.45 67.07 % -0.33 %

Manhattan Office Vacancy Market

  • Total Manhattan Office direct lease vacancy decreased from 35.59 million RSF to 34.7 million RSF.
  • Manhattan Office Sublease vacancy increased from 3.57 million RSF to 3.98 million RSF.

Manhattan Office Rent Vacancy by Area

  • Total Manhattan Office Market vacancy decreased from 39.16 million RSF to 38.67 million RSF
  • Total Midtown Office vacancy increased from 23.01 million RSF to 23.39 million RSF.
  • Total Midtown South Office vacancy increased from 6.5 million RSF to 6.53 million RSF.
  • Total Downtown Office vacancy decreased from 9.65 million RSF to 8.75 million RSF



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