market research

October 2011

October 2011 New York Commercial Real Estate Market Report

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Two trends have occurred this month. The 1st is the stock market has been fluctuating widely. The 2nd is office vacancies have started to increase in Midtown and Downtown though office rents have yet to decline. A number of high profile retail locations remain vacant as landlords continue to hold out for preferred tenants while secondary locations languish.

New York Market Overview

  • Total Manhattan Class A Office vacancies increased from 8.7 % vacant to 8.9 % vacant
  • Total New York City Office vacancy increased from 7.7 % vacant to 7.8 % vacant
  • Total Manhattan Office Class A vacancies increased from 19.98 million RSF to 20.33 million RSF.
  • Total Manhattan Office Market vacancies increased from 32.69 million RSF to 32.93 million RSF.
  • Total Midtown Office vacancy increased from 19.24 million RSF to 19.58 million RSF.
  • Total Midtown South Office vacancy decreased from 5.37 million RSF to 5.24 million RSF.
  • Total Downtown Office vacancy increased from 8.08 million RSF to 8.11 million RSF.
  • Total vacant Office Direct Space For Rent in Midtown Manhattan increased from 16.96 million RSF to 17.29 million RSF.
  • Total vacant Office Sublease Space For Lease in Midtown Manhattan increased from 2.28 million RSF to 2.29 million RSF.
  • Total vacant Office Direct Space in Midtown South Manhattan decreased from 4.97 million RSF to 4.92 million RSF.
  • Midtown South Manhattan Sublease vacancies decreased from 0.40 million RSF to 0.32 million RSF.
  • Total Downtown Manhattan Office Direct Lease Space increased from 7.54 million RSF to 7.60 million RSF.
  • Total Downtown Manhattan Office Sublease Vacancies decreased from 0.54 million RSF to 0.52 million RSF.
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