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November 2008

November 2008 » Market Analysis » New York Office Report

November 2008 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 8.73 2.25 10.98 6.1 % 6.01 %
Midtown South Manhattan Office Class A 0.61 0.02 0.63 8.3 % 73.06 %
Downtown Manhattan Office Class A 2.39 1.4 3.79 6.0 % 8.36 %
Total Manhattan Office Class A 11.74 3.66 15.4 6.2 % 9.34 %
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 18.91 5.8 24.71 11.2 % 6.01 %
Midtown South Manhattan Office Class A 1.18 0.11 1.29 8.96 % abc 73.06 %
Downtown Manhattan Office Class A 14.11 2.11 16.22 19.75 % 56.48 %
Total Manhattan Office Class A 34.2 8.03 42.23 % 25.52 %

Manhattan Class A Office Vacancies

  • Total Manhattan Office Class A vacancies increased from 13.97 million RSF to 15.4 million RSF
  • Total Manhattan Office Market vacancies increased from 24.26 million RSF to 26.52 million RSF
NEW YORK TOTAL OFFICE MARKET VACANT SPACE
(In Millions of Rentable Square Feet)
Direct Sublease Total % Vacant % Monthly Change
Midtown Manhattan Office 12.09 2.73 14.82 5.7 % 5.33 %
Midtown South Manhattan Office 5.04 0.58 5.62 7.0 % 17.58 %
Downtown Manhattan Office 4.45 1.64 6.09 6.6 % 7.9 %
Total Manhattan Office 21.58 4.94 26.52 6.1 % 8.51 %
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 24.41 6.92 31.33 9.74 % 5.33 %
Midtown South Manhattan Office 7.69 1.33 9.02 9.0 % abc 17.58 %
Downtown Manhattan Office 17.77 2.52 20.29 16.86 % 47.14 %
Total Manhattan Office 49.86 10.77 60.64 % 19.0 %

Manhattan Office Vacancy Market

  • Total Manhattan Office direct lease vacancy increased from 20.03 million RSF to 21.58 million RSF.
  • Manhattan Office Sublease vacancy increased from 4.23 million RSF to 4.94 million RSF.

Manhattan Office Rent Vacancy by Area

  • Total Manhattan Office Market vacancy increased from 24.26 million RSF to 26.52 million RSF.
  • Total Midtown Office vacancy increased from 14.03 million RSF to 14.82 million RSF.
  • Total Midtown South Office vacancy increased from 4.63 million RSF to 5.62 million RSF.
  • Total Downtown Office vacancy increased from 5.61 million RSF to 6.09 million RSF.



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