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September 2013

September 2013 » Market Analysis » New York Office Report

September 2013 Manhattan Real Estate 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 13.1 2.51 15.61 8.4 % -1.51 %
Midtown South Manhattan Office Class A 0.86 0.02 0.88 9.9 % 37.9 %
Downtown Manhattan Office Class A 4.53 0.52 5.05 7.7 % 0.65 %
Total Manhattan Office Class A 18.49 3.04 21.53 8.3 % 0.6 %
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 23.42 5.86 29.27 12.75 % -1.51 %
Midtown South Manhattan Office Class A 1.05 0.03 1.07 7.3 % abc 37.9 %
Downtown Manhattan Office Class A 15.03 1.43 16.46 18.48 % -0.77 %
Total Manhattan Office Class A 39.5 7.31 46.81 % -0.46 %

Manhattan Class A Office Vacancies

  • Total Manhattan Office Class A vacancies increased from 21.4 million RSF to 21.53 million RSF
  • Total Manhattan Office Market vacancies decreased from 33.41 million RSF to 32.61 million RSF.
NEW YORK TOTAL OFFICE MARKET VACANT SPACE
(In Millions of Rentable Square Feet)
Direct Sublease Total % Vacant % Monthly Change
Midtown Manhattan Office 17.36 2.93 20.29 7.6 % -1.41 %
Midtown South Manhattan Office 5.78 0.31 6.09 7.1 % 7.91 %
Downtown Manhattan Office 6.15 0.08 6.23 7.0 % -15.85 %
Total Manhattan Office 29.29 3.32 32.61 7.4 % -2.43 %
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 30.44 6.91 37.35 11.35 % -1.41 %
Midtown South Manhattan Office 8.94 1.11 10.05 9.58 % abc 7.91 %
Downtown Manhattan Office 18.1 1.91 20.01 15.01 % -3.55 %
Total Manhattan Office 57.48 9.93 67.41 % -1.02 %

Manhattan Office Vacancy Market

  • Total Manhattan Office direct lease vacancy increased from 29.03 million RSF to 29.29 million RSF.
  • Manhattan Office Sublease vacancy decreased from 4.37 million RSF to 3.32 million RSF.

Manhattan Office Rent Vacancy by Area

  • Total Manhattan Office Market vacancy decreased from 33.41 million RSF to 32.61 million RSF
  • Total Midtown Office vacancy decreased from 20.57 million RSF to 20.29 million RSF
  • Total Midtown South Office vacancy increased from 5.61 million RSF to 6.09 million RSF.
  • Total Downtown Office vacancy decreased from 7.22 million RSF to 6.23 million RSF



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