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March 2019

March 2019 » Market Analysis » New York Office Report

March 2019 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 12.38 2.53 14.91 8.2 % -4.1 %
Midtown South Manhattan Office Class A 0.53 0.25 0.78 5.5 % -3.58 %
Downtown Manhattan Office Class A 6.19 0.88 7.08 9.9 % -6.88 %
Total Manhattan Office Class A 19.11 3.66 22.77 9.9 % -4.95 %
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 26.89 5.68 32.58 13.07 % -4.1 %
Midtown South Manhattan Office Class A 2.07 0.46 2.53 11.93 % abc -3.58 %
Downtown Manhattan Office Class A 8.89 2.1 10.99 12.22 % -1.0 %
Total Manhattan Office Class A 37.85 8.24 46.1 % 0.5 %

Manhattan Class A Office Vacancies

  • Total Manhattan Office Class A vacancies decreased from 23.89 million RSF to 22.77 million RSF.
  • Total Manhattan Office Market vacancies increased from 36.89 million RSF to 37.06 million RSF
NEW YORK TOTAL OFFICE MARKET VACANT SPACE
(In Millions of Rentable Square Feet)
Direct Sublease Total % Vacant % Monthly Change
Midtown Manhattan Office 18.56 3.4 21.96 4.6 % 2.72 %
Midtown South Manhattan Office 4.8 0.84 5.65 6.3 % -7.93 %
Downtown Manhattan Office 8.45 1.01 9.45 8.0 % 0.26 %
Total Manhattan Office 31.81 5.25 37.06 7.8 % 0.47 %
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 36.21 7.51 43.72 7.13 % 2.72 %
Midtown South Manhattan Office 8.21 2.08 10.29 9.27 % abc -7.93 %
Downtown Manhattan Office 11.37 2.37 13.74 10.81 % -1.45 %
Total Manhattan Office 55.79 11.95 67.75 % 0.91 %

Manhattan Office Vacancy Market

  • Total Manhattan Office direct lease vacancy increased from 31.24 million RSF to 31.81 million RSF.
  • Manhattan Office Sublease vacancy decreased from 5.65 million RSF to 5.25 million RSF.

Manhattan Office Rent Vacancy by Area

  • Total Manhattan Office Market vacancy increased from 36.89 million RSF to 37.06 million RSF.
  • Total Midtown Office vacancy increased from 21.36 million RSF to 21.96 million RSF.
  • Total Midtown South Office vacancy decreased from 6.1 million RSF to 5.65 million RSF
  • Total Downtown Office vacancy increased from 9.43 million RSF to 9.45 million RSF.



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