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May 2018

May 2018 » Market Analysis » New York Office Report

May 2018 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 13.77 2.3 16.07 8.8 % -1.44 %
Midtown South Manhattan Office Class A 0.46 0.1 0.56 4.8 % -5.42 %
Downtown Manhattan Office Class A 5.35 0.88 6.22 9.7 % 5.02 %
Total Manhattan Office Class A 19.57 3.28 22.85 8.8 % 0.22 %
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 24.37 4.68 29.05 12.01 % -1.44 %
Midtown South Manhattan Office Class A 2.23 0.8 3.03 15.18 % abc -5.42 %
Downtown Manhattan Office Class A 10.3 2.26 12.55 14.05 % 5.38 %
Total Manhattan Office Class A 36.89 7.74 44.64 % 0.86 %

Manhattan Class A Office Vacancies

  • Total Manhattan Office Class A vacancies increased from 22.8 million RSF to 22.85 million RSF
  • Total Manhattan Office Market vacancies decreased from 36.41 million RSF to 36.16 million RSF.
NEW YORK TOTAL OFFICE MARKET VACANT SPACE
(In Millions of Rentable Square Feet)
Direct Sublease Total % Vacant % Monthly Change
Midtown Manhattan Office 19.02 3.06 22.08 8.2 % -0.49 %
Midtown South Manhattan Office 5.48 0.65 6.13 6.8 % -6.26 %
Downtown Manhattan Office 6.91 1.04 7.94 8.2 % 2.95 %
Total Manhattan Office 31.41 4.75 36.16 8.0 % -0.71 %
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 32.22 6.24 38.45 11.3 % -0.49 %
Midtown South Manhattan Office 9.73 2.5 12.24 11.15 % abc -6.26 %
Downtown Manhattan Office 12.85 2.52 15.37 12.09 % 3.88 %
Total Manhattan Office 54.8 11.26 66.06 % 1.21 %

Manhattan Office Vacancy Market

  • Total Manhattan Office direct lease vacancy increased from 31.4 million RSF to 31.41 million RSF.
  • Manhattan Office Sublease vacancy decreased from 5.01 million RSF to 4.75 million RSF.

Manhattan Office Rent Vacancy by Area

  • Total Manhattan Office Market vacancy decreased from 36.41 million RSF to 36.16 million RSF
  • Total Midtown Office vacancy decreased from 22.19 million RSF to 22.08 million RSF
  • Total Midtown South Office vacancy decreased from 6.52 million RSF to 6.13 million RSF
  • Total Downtown Office vacancy increased from 7.71 million RSF to 7.94 million RSF.



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