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October 2008

October 2008 » Market Analysis » New York Office Report

October 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 8.5 1.82 10.32 5.9 % 9.38 %
Midtown South Manhattan Office Class A 0.15 0.02 0.17 10.0 % -1.76 %
Downtown Manhattan Office Class A 2.16 1.31 3.47 5.5 % -1.87 %
Total Manhattan Office Class A 10.82 3.15 13.96 6.0 % 6.44 %
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 18.3 4.88 23.18 10.56 % 9.38 %
Midtown South Manhattan Office Class A 1.14 0.07 1.21 8.12 % abc -1.76 %
Downtown Manhattan Office Class A 5.02 2.04 7.06 9.63 % 14.36 %
Total Manhattan Office Class A 24.46 6.99 31.45 % 7.12 %

Manhattan Class A Office Vacancies

  • Total Manhattan Office Class A vacancies increased from 13.06 million RSF to 13.97 million RSF
  • Total Manhattan Office Market vacancies increased from 23.23 million RSF to 24.26 million RSF
NEW YORK TOTAL OFFICE MARKET VACANT SPACE
(In Millions of Rentable Square Feet)
Direct Sublease Total % Vacant % Monthly Change
Midtown Manhattan Office 11.77 2.25 14.03 5.6 % 7.04 %
Midtown South Manhattan Office 4.21 0.41 4.63 6.7 % 2.23 %
Downtown Manhattan Office 4.04 1.56 5.61 6.2 % -1.07 %
Total Manhattan Office 20.03 4.23 24.26 5.7 % 4.25 %
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 23.71 6.11 29.82 9.3 % 7.04 %
Midtown South Manhattan Office 7.5 1.07 8.57 8.51 % abc 2.23 %
Downtown Manhattan Office 8.29 2.44 10.72 9.64 % 8.45 %
Total Manhattan Office 39.49 9.62 49.12 % 5.71 %

Manhattan Office Vacancy Market

  • Total Manhattan Office direct lease vacancy increased from 19.06 million RSF to 20.03 million RSF.
  • Manhattan Office Sublease vacancy increased from 4.17 million RSF to 4.23 million RSF.

Manhattan Office Rent Vacancy by Area

  • Total Manhattan Office Market vacancy increased from 23.23 million RSF to 24.26 million RSF.
  • Total Midtown Office vacancy increased from 13.04 million RSF to 14.03 million RSF.
  • Total Midtown South Office vacancy increased from 4.53 million RSF to 4.63 million RSF.
  • Total Downtown Office vacancy decreased from 5.67 million RSF to 5.61 million RSF



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