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May 2017

May 2017 » Market Analysis » New York Office Report

May 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 16.42 2.14 18.56 9.8 % 3.37 %
Midtown South Manhattan Office Class A 0.51 0.06 0.57 5.1 % -13.07 %
Downtown Manhattan Office Class A 6.11 0.54 6.65 10.0 % 1.74 %
Total Manhattan Office Class A 23.04 2.75 25.78 9.6 % 2.59 %
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 27.53 5.09 32.63 13.5 % 3.37 %
Midtown South Manhattan Office Class A 1.37 0.13 1.5 8.71 % abc -13.07 %
Downtown Manhattan Office Class A 11.17 1.2 12.37 13.98 % 0.33 %
Total Manhattan Office Class A 40.07 6.42 46.49 % 0.83 %

Manhattan Class A Office Vacancies

  • Total Manhattan Office Class A vacancies increased from 25.11 million RSF to 25.78 million RSF
  • Total Manhattan Office Market vacancies increased from 38.42 million RSF to 38.9 million RSF
NEW YORK TOTAL OFFICE MARKET VACANT SPACE
(In Millions of Rentable Square Feet)
Direct Sublease Total % Vacant % Monthly Change
Midtown Manhattan Office 21.28 2.89 24.17 8.9 % 2.48 %
Midtown South Manhattan Office 5.59 0.85 6.45 7.4 % 0.22 %
Downtown Manhattan Office 7.63 0.66 8.29 8.7 % -1.6 %
Total Manhattan Office 34.5 4.4 38.9 8.6 % 1.23 %
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 35.45 6.82 42.27 12.41 % 2.48 %
Midtown South Manhattan Office 8.87 2.24 11.11 10.43 % abc 0.22 %
Downtown Manhattan Office 13.64 1.46 15.1 11.95 % -0.99 %
Total Manhattan Office 57.96 10.52 68.48 % 0.68 %

Manhattan Office Vacancy Market

  • Total Manhattan Office direct lease vacancy increased from 34.26 million RSF to 34.5 million RSF.
  • Manhattan Office Sublease vacancy increased from 4.16 million RSF to 4.4 million RSF.

Manhattan Office Rent Vacancy by Area

  • Total Manhattan Office Market vacancy increased from 38.42 million RSF to 38.9 million RSF.
  • Total Midtown Office vacancy increased from 23.57 million RSF to 24.17 million RSF.
  • Total Midtown South Office vacancy increased from 6.43 million RSF to 6.45 million RSF.
  • Total Downtown Office vacancy decreased from 8.42 million RSF to 8.29 million RSF



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