market research

May 2011

May 2011 » Market Analysis » New York Office Report

May 2011 NYC Real Estate 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 13.94 2.16 16.11 9.1 % 3.25 %
Midtown South Manhattan Office Class A 0.75 0.02 0.77 10.9 % -15.56 %
Downtown Manhattan Office Class A 5.48 0.67 6.15 9.3 % -4.83 %
Total Manhattan Office Class A 20.17 2.84 23.02 9.3 % 0.46 %
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 21.82 6.3 28.12 12.61 % 3.25 %
Midtown South Manhattan Office Class A 1.42 0.06 1.48 9.85 % abc -15.56 %
Downtown Manhattan Office Class A 15.06 1.3 16.36 18.33 % -1.61 %
Total Manhattan Office Class A 38.3 7.66 45.96 % -1.07 %

Manhattan Class A Office Vacancies

  • Total Manhattan Office Class A vacancies increased from 22.91 million RSF to 23.02 million RSF
  • Total Manhattan Office Market vacancies decreased from 35.77 million RSF to 35.71 million RSF.
NEW YORK TOTAL OFFICE MARKET VACANT SPACE
(In Millions of Rentable Square Feet)
Direct Sublease Total % Vacant % Monthly Change
Midtown Manhattan Office 18.64 2.4 21.04 8.1 % 2.11 %
Midtown South Manhattan Office 5.37 0.42 5.79 7.5 % -2.8 %
Downtown Manhattan Office 8.1 0.78 8.87 8.5 % -3.96 %
Total Manhattan Office 32.1 3.6 35.71 8.1 % -0.19 %
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 30.77 7.4 38.17 11.75 % 2.11 %
Midtown South Manhattan Office 8.49 1.17 9.66 9.26 % abc -2.8 %
Downtown Manhattan Office 19.75 1.72 21.47 16.05 % -0.74 %
Total Manhattan Office 59.0 10.29 69.29 % -0.96 %

Manhattan Office Vacancy Market

  • Total Manhattan Office direct lease vacancy decreased from 32.33 million RSF to 32.1 million RSF.
  • Manhattan Office Sublease vacancy increased from 3.45 million RSF to 3.6 million RSF.

Manhattan Office Rent Vacancy by Area

  • Total Manhattan Office Market vacancy decreased from 35.77 million RSF to 35.71 million RSF
  • Total Midtown Office vacancy increased from 20.6 million RSF to 21.04 million RSF.
  • Total Midtown South Office vacancy decreased from 5.95 million RSF to 5.79 million RSF
  • Total Downtown Office vacancy decreased from 9.22 million RSF to 8.87 million RSF



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