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May 2009

May 2009 » Market Analysis » New York Office Report

May 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 10.92 3.85 14.77 8.0 % 2.46 %
Midtown South Manhattan Office Class A 0.73 0.03 0.77 10.3 % -0.39 %
Downtown Manhattan Office Class A 2.17 1.5 3.67 6.0 % -0.49 %
Total Manhattan Office Class A 13.83 5.38 19.21 7.6 % 1.78 %
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 22.73 10.3 33.03 14.61 % 2.46 %
Midtown South Manhattan Office Class A 1.35 0.24 1.59 10.68 % abc -0.39 %
Downtown Manhattan Office Class A 11.91 2.23 14.13 17.67 % 0.57 %
Total Manhattan Office Class A 35.99 12.77 48.75 % 2.36 %

Manhattan Class A Office Vacancies

  • Total Manhattan Office Class A vacancies increased from 18.87 million RSF to 19.21 million RSF
  • Total Manhattan Office Market vacancies increased from 31.3 million RSF to 31.97 million RSF
NEW YORK TOTAL OFFICE MARKET VACANT SPACE
(In Millions of Rentable Square Feet)
Direct Sublease Total % Vacant % Monthly Change
Midtown Manhattan Office 15.3 4.27 19.57 7.3 % 1.9 %
Midtown South Manhattan Office 5.38 0.78 6.16 7.2 % 3.57 %
Downtown Manhattan Office 4.56 1.69 6.25 7.0 % 1.41 %
Total Manhattan Office 25.24 6.73 31.98 7.2 % 2.13 %
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 11.96 42.18 12.8 % 1.9 %
Midtown South Manhattan Office 9.51 2.33 11.84 11.49 % abc 3.57 %
Downtown Manhattan Office 16.54 2.64 19.18 16.18 % 0.66 %
Total Manhattan Office 56.26 16.94 73.2 % 2.65 %

Manhattan Office Vacancy Market

  • Total Manhattan Office direct lease vacancy increased from 24.8 million RSF to 25.24 million RSF.
  • Manhattan Office Sublease vacancy increased from 6.49 million RSF to 6.73 million RSF.

Manhattan Office Rent Vacancy by Area

  • Total Manhattan Office Market vacancy increased from 31.3 million RSF to 31.98 million RSF.
  • Total Midtown Office vacancy increased from 19.2 million RSF to 19.57 million RSF.
  • Total Midtown South Office vacancy increased from 5.94 million RSF to 6.16 million RSF.
  • Total Downtown Office vacancy increased from 6.16 million RSF to 6.25 million RSF.



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