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September 2008

September 2008 » Market Analysis » New York Office Report

September 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 7.6 1.75 9.35 5.9 % 7.07 %
Midtown South Manhattan Office Class A 0.16 0.02 0.17 9.8 % 51.45 %
Downtown Manhattan Office Class A 2.21 1.33 3.54 5.5 % -1.02 %
Total Manhattan Office Class A 9.97 3.1 13.07 6.0 % 5.46 %
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 17.79 4.26 22.05 10.05 % 7.07 %
Midtown South Manhattan Office Class A 1.04 0.07 1.11 7.48 % abc 51.45 %
Downtown Manhattan Office Class A 4.0 2.04 6.05 8.37 % 4.07 %
Total Manhattan Office Class A 22.84 6.37 29.21 % 2.38 %

Manhattan Class A Office Vacancies

  • Total Manhattan Office Class A vacancies increased from 12.35 million RSF to 13.06 million RSF
  • Total Manhattan Office Market vacancies increased from 22.52 million RSF to 23.23 million RSF
NEW YORK TOTAL OFFICE MARKET VACANT SPACE
(In Millions of Rentable Square Feet)
Direct Sublease Total % Vacant % Monthly Change
Midtown Manhattan Office 10.83 2.21 13.04 5.5 % 5.15 %
Midtown South Manhattan Office 4.15 0.38 4.53 6.6 % 3.58 %
Downtown Manhattan Office 4.08 1.58 5.67 6.2 % -2.1 %
Total Manhattan Office 19.06 4.17 23.23 5.9 % 3.07 %
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 23.07 5.4 28.47 8.89 % 5.15 %
Midtown South Manhattan Office 6.99 1.04 8.03 8.06 % abc 3.58 %
Downtown Manhattan Office 7.35 2.46 9.82 8.91 % 2.26 %
Total Manhattan Office 37.41 8.9 46.31 % 1.66 %

Manhattan Office Vacancy Market

  • Total Manhattan Office direct lease vacancy increased from 18.65 million RSF to 19.06 million RSF.
  • Manhattan Office Sublease vacancy increased from 3.86 million RSF to 4.17 million RSF.

Manhattan Office Rent Vacancy by Area

  • Total Manhattan Office Market vacancy increased from 22.52 million RSF to 23.23 million RSF.
  • Total Midtown Office vacancy increased from 12.37 million RSF to 13.04 million RSF.
  • Total Midtown South Office vacancy increased from 4.36 million RSF to 4.53 million RSF.
  • Total Downtown Office vacancy decreased from 5.79 million RSF to 5.67 million RSF



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