Postings

26%: While average rental rates are up

across the board, it was Midtown South that
once again saw huge increases, in particular
among Class A properties, where rents jumped
26 percent to $66.19. On the one hand,
they are the best buildings in that particular
or those who saw signs of improvement in the market earlier this month, look
market, but you cant compare them to, like,
a Bank of America Tower or something like
again. While not neccessarily worse than the previous reporting period, secondthattheyre not top-tier buildings in that
quarter office leasing was propped up primarily by a pair of big renewal deals
sense, said Mr. McCarthy. But theyre in
inked for Viacom and Morgan & Stanley. A closer look at the numbers, meanwhile, seem
the right
place at the right time, so theyre
MANHATTAN OFFICE MARKET - SECOND QUARTER
2012
definitely commanding premiums.
to suggest that leasing in nearly every asset class is down, down, downnot least of

2nd Quarter Blues

all in Midtown, where Class A office leasing plummeted by 50 percent. With the help
MANHATTAN
OFFICE
MARKET
- SECOND QUARTER 2012 -49.0%: The year-over-year change in Midtown
of Cushman & Wakefields first-quarter statistics,
and the firms
lead researcher
Ken
office leasing this quarter looks particularly bleak
Quarter 2012
MANHATTAN
OFFICE
MARKET
- SECOND QUARTER 2012 thanks to a notably flush office market 12 Second
months
McCarthy, The Commercial Observer took a look
at Manhattans
three primary
office

MANHATTAN OFFICE MARKET

Class A Statistical Summary

Submarket
Downtown

Total

Direct

Y-o-Y

Sublease

Direct

Sublease

Total

Y-o-Y

Direct

Midtown South
Totals
Submarket
Downtown

Inventory

Space

Space

Space

Rate

Rate

Rate

Available

Available

Vacancy

Vacancy

Vacancy

3,416,364
Direct
Direct
Available
Available
Space
19,720,062
15,640,935
Space

819,781
Sublease
Sublease
Available
Available
Space
4,596,780
3,713,249
Space

7.2%
Direct
Direct
Vacancy
Vacancy
Rate
8.1%
8.6%
Rate

1.7%
Sublease
Sublease
Vacancy
Vacancy
Rate
1.9%
2.1%
Rate

9.0%
Total
Total
Vacancy
Vacancy
Rate
10.0%
10.7%
Rate

662,763
15,640,935
3,416,364
3,495,341
Direct
Direct
662,763
Available
1,389,505
Available
Space
19,720,062
3,416,364
Space
Direct
2,303,304
Direct
Available
Available
Space
15,640,935
19,720,062
3,495,341
7,188,150
Space
662,763
1,389,505
15,640,935
3,416,364
3,495,341
2,303,304
Direct
662,763
1,389,505
Available
19,720,062
3,416,364
7,188,150
Space
2,303,304
Direct
Direct
Available
19,720,062
Available
Space
7,188,150
3,495,341
Space

63,750
3,713,249
819,781
221,388
Sublease
Sublease
63,750
Available
230,804
Available
Space
4,596,780
819,781
Space
Sublease
419,462
Sublease
Available
Available
Space
3,713,249
4,596,780
221,388
871,654
Space
63,750
230,804
3,713,249
819,781
221,388
419,462
Sublease
63,750
230,804
Available
4,596,780
819,781
871,654
Space
419,462
Sublease
Sublease
Available
4,596,780
Available
Space
871,654
221,388
Space

4.6%
8.6%
7.2%
7.8%
Direct
Direct
4.6%
Vacancy
4.7%
Vacancy
Rate
8.1%
7.2%
Rate
Direct
8.3%
Direct
Vacancy
Vacancy
Rate
8.6%
8.1%
7.8%
7.1%
Rate
4.6%
4.7%
8.6%
7.2%
7.8%
8.3%
Direct
4.6%
4.7%
Vacancy
8.1%
7.2%
7.1%
Rate
8.3%
Direct
Direct
Vacancy
8.1%
Vacancy
Rate
7.1%
7.8%
Rate

0.4%
2.1%
1.7%
0.5%
Sublease
Sublease
0.4%
Vacancy
0.8%
Vacancy
Rate
1.9%
1.7%
Rate
Sublease
1.5%
Sublease
Vacancy
Vacancy
Rate
2.1%
1.9%
0.5%
0.9%
Rate
0.4%
0.8%
2.1%
1.7%
0.5%
1.5%
Sublease
0.4%
0.8%
Vacancy
1.9%
1.7%
0.9%
Rate
1.5%
Sublease
Sublease
Vacancy
1.9%
Vacancy
Rate
0.9%
0.5%
Rate

5.1%
10.7%
9.0%
8.3%
Total
Total
5.1%
Vacancy
5.5%
Vacancy
Rate
10.0%
9.0%
Rate
Total
9.8%
Total
Vacancy
Vacancy
Rate
10.7%
10.0%
8.3%
7.9%
Rate
5.1%
5.5%
10.7%
9.0%
8.3%
9.8%
Total
5.1%
5.5%
Vacancy
10.0%
9.0%
7.9%
Rate
9.8%
Total
Total
Vacancy
10.0%
Vacancy
Rate
7.9%
8.3%
Rate

1,389,505
3,495,341
2,303,304
667,205
Direct
Direct
1,389,505
Available
1,506,108
Available
Space
7,188,150
2,303,304
Space
Direct
642,963
Direct
Available
Available
Space
3,495,341
7,188,150
667,205
2,816,276
Space
1,389,505
1,506,108
3,495,341
2,303,304
667,205
642,963
Direct
1,389,505
1,506,108
Available
7,188,150
2,303,304
2,816,276
Space
642,963
Direct
Direct
Available
7,188,150
Available
Space
2,816,276
667,205
Space
1,506,108
667,205
642,963
19,803,481
Direct
Direct
1,506,108
Available
3,558,376
Available
Space
2,816,276
642,963
Space
Direct
6,362,631
Direct
Available
Available
Space
667,205
2,816,276
19,803,481
29,724,488
Space
1,506,108
3,558,376
667,205
642,963
19,803,481
6,362,631
Direct
1,506,108
3,558,376
Available
2,816,276
642,963
29,724,488
Space
6,362,631
Direct
Available
2,816,276
Space
29,724,488
19,803,481

230,804
221,388
419,462
45,306
Sublease
Sublease
230,804
Available
100,426
Available
Space
871,654
419,462
Space
Sublease
5,407
Sublease
Available
Available
Space
221,388
871,654
45,306
151,139
Space
230,804
100,426
221,388
419,462
45,306
5,407
Sublease
230,804
100,426
Available
871,654
419,462
151,139
Space
5,407
Sublease
Sublease
Available
871,654
Available
Space
151,139
45,306
Space
100,426
45,306
5,407
3,979,943
Sublease
Sublease
100,426
Available
394,980
Available
Space
151,139
5,407
Space
Sublease
1,244,650
Sublease
Available
Available
Space
45,306
151,139
3,979,943
5,619,573
Space
100,426
394,980
45,306
5,407
3,979,943
1,244,650
Sublease
100,426
394,980
Available
151,139
5,407
5,619,573
Space
1,244,650
Sublease
Available
151,139
Space
5,619,573
3,979,943

4.7%
7.8%
8.3%
4.2%
Direct
Direct
4.7%
Vacancy
7.1%
Vacancy
Rate
7.1%
8.3%
Rate
Direct
6.2%
Direct
Vacancy
Vacancy
Rate
7.8%
7.1%
4.2%
5.9%
Rate
4.7%
7.1%
7.8%
8.3%
4.2%
6.2%
Direct
4.7%
7.1%
Vacancy
7.1%
8.3%
5.9%
Rate
6.2%
Direct
Direct
Vacancy
7.1%
Vacancy
Rate
5.9%
4.2%
Rate
7.1%
4.2%
6.2%
8.2%
Direct
Direct
7.1%
Vacancy
5.5%
Vacancy
Rate
5.9%
6.2%
Rate
Direct
7.5%
Direct
Vacancy
Vacancy
Rate
4.2%
5.9%
8.2%
7.6%
Rate
7.1%
5.5%
4.2%
6.2%
8.2%
7.5%
Direct
7.1%
5.5%
Vacancy
5.9%
6.2%
7.6%
Rate
7.5%
Direct
Vacancy
5.9%
Rate
7.6%
8.2%

0.8%
0.5%
1.5%
0.3%
Sublease
Sublease
0.8%
Vacancy
0.5%
Vacancy
Rate
0.9%
1.5%
Rate
Sublease
0.1%
Sublease
Vacancy
Vacancy
Rate
0.5%
0.9%
0.3%
0.3%
Rate
0.8%
0.5%
0.5%
1.5%
0.3%
0.1%
Sublease
0.8%
0.5%
Vacancy
0.9%
1.5%
0.3%
Rate
0.1%
Sublease
Sublease
Vacancy
0.9%
Vacancy
Rate
0.3%
0.3%
Rate
0.5%
0.3%
0.1%
1.6%
Sublease
Sublease
0.5%
Vacancy
0.6%
Vacancy
Rate
0.3%
0.1%
Rate
Sublease
1.5%
Sublease
Vacancy
Vacancy
Rate
0.3%
0.3%
1.6%
1.4%
Rate
0.5%
0.6%
0.3%
0.1%
1.6%
1.5%
Sublease
0.5%
0.6%
Vacancy
0.3%
0.1%
1.4%
Rate
1.5%
Sublease
Vacancy
0.3%
Rate
1.4%
1.6%

5.5%
8.3%
9.8%
4.5%
Total
Total
5.5%
Vacancy
7.6%
Vacancy
Rate
7.9%
9.8%
Rate
Total
6.3%
Total
Vacancy
Vacancy
Rate
8.3%
7.9%
4.5%
6.2%
Rate
5.5%
7.6%
8.3%
9.8%
4.5%
6.3%
Total
5.5%
7.6%
Vacancy
7.9%
9.8%
6.2%
Rate
6.3%
Total
Total
Vacancy
7.9%
Vacancy
Rate
6.2%
4.5%
Rate
7.6%
4.5%
6.3%
9.8%
Total
Total
7.6%
Vacancy
6.1%
Vacancy
Rate
6.2%
6.3%
Rate
Total
8.9%
Total
Vacancy
Vacancy
Rate
4.5%
6.2%
9.8%
9.0%
Rate
7.6%
6.1%
4.5%
6.3%
9.8%
8.9%
Total
7.6%
6.1%
Vacancy
6.2%
6.3%
9.0%
Rate
8.9%
Total
Vacancy
6.2%
Rate
9.0%
9.8%

Rental Rate

Available

46

47,141,922

Number of
Buildings
Inventory
393
242,519,670
46
47,141,922
Buildings
Inventory
57
27,758,202
Number of
Number
of
Buildings
Midtown
320 MARKET
180,995,042
Submarket
Inventory
Totals
393
242,519,670
MANHATTAN
OFFICE
Midtown
328
44,581,134
Totals
569
101,655,838
Buildings
Inventory
Submarket
Midtown
27
14,382,706
Class BSouth
Statistical Summary
Midtown
South
184
29,316,502
Midtown
320
180,995,042
MANHATTAN
Downtown
46 MARKET
47,141,922
MANHATTAN OFFICE
OFFICE
Midtown
328
44,581,134
Downtown
57 MARKET
27,758,202
Midtown
South
27
14,382,706
Class
B
Statistical
Summary
Class CSouth
Statistical
Summary
Midtown
184 of
29,316,502
Number
Totals
393
242,519,670
Downtown
46
47,141,922
Totals
569
101,655,838
Buildings
Inventory
Submarket
Downtown
57
27,758,202
Submarket
Totals
Downtown
Submarket
Downtown

Number of
MANHATTAN
OFFICE
Totals
393MARKET
242,519,670
Number
of
Buildings
MANHATTAN
OFFICE
Inventory
Submarket
Totals
569
101,655,838
Midtown
328 MARKET
44,581,134
Submarket
Class B StatisticalBuildings
Summary Inventory
Class CSouth
Statistical Summary
Midtown
184
29,316,502
MANHATTAN OFFICE MARKET
Midtown
328
44,581,134
MANHATTAN OFFICE
Downtown
57 MARKET
27,758,202
Midtown
150
15,930,081
Class BSouth
Statistical Summary
Midtown
184
29,316,502
Number
of
Class CSouth
Statistical
Summary
Midtown
215 of
21,252,007
Number
Buildings
Inventory
Submarket
Totals
569
101,655,838
Downtown
57
27,758,202
Buildings
Inventory
Submarket
Downtown
74
10,352,397
Number of
Number
of
Buildings
Midtown
328 MARKET
44,581,134
Inventory
Submarket
Totals
569
101,655,838
MANHATTAN
OFFICE
Midtown
150
15,930,081
Totals
439
47,534,485
Buildings
Inventory
Submarket
Midtown
184
29,316,502
Class CSouth
Statistical Summary
Midtown
South
215
21,252,007
Midtown
328
44,581,134
MANHATTAN
Downtown
57 MARKET
27,758,202
MANHATTAN OFFICE
OFFICE
Midtown
150
15,930,081
Downtown
74 MARKET
10,352,397
Midtown
South
184
29,316,502
Class
C
Statistical
Summary
OverallSouth
Statistical
Summary
Midtown
215 of
21,252,007
Number
Totals
569
101,655,838
Downtown
57
27,758,202
Totals
439
47,534,485
Buildings
Inventory
Submarket
Downtown
74
10,352,397
Number of
MANHATTAN
OFFICE
Totals
569MARKET
101,655,838
Number
of
Buildings
MANHATTAN
OFFICE
Inventory
Submarket
Totals
439
47,534,485
Midtown
150 MARKET
15,930,081
Submarket
Class C StatisticalBuildings
Summary Inventory
OverallSouth
Statistical Summary
Midtown
215
21,252,007
MANHATTAN OFFICE MARKET
Midtown
150 MARKET
15,930,081
MANHATTAN OFFICE
Downtown
74
10,352,397
Midtown
798
241,506,257
Class
C
Statistical
Summary
Midtown
South
215
21,252,007
Number
OverallSouth
Statistical
Summary
Midtown
426 of
64,951,215
Number
of
Buildings
Inventory
Submarket
Totals
439
47,534,485
Downtown
74
10,352,397
Buildings
Submarket
Inventory
Downtown
177
85,252,521
Number of
Number
of
Buildings
Midtown
150 MARKET
15,930,081
Inventory
Submarket
Totals
439
47,534,485
MANHATTAN
OFFICE
Midtown
798
241,506,257
Totals
1401
391,709,993
Buildings
Submarket
Inventory
Midtown
South
215
21,252,007
OverallSouth
Statistical Summary
Midtown
426
64,951,215
Midtown
150
15,930,081
MANHATTAN OFFICE
Downtown
74 MARKET
10,352,397
Midtown
798
241,506,257
Downtown
177
85,252,521
Midtown
South
215
Overall Statistical Summary 21,252,007
Midtown South
426 of
64,951,215
Number
Totals
439
47,534,485
Downtown
74
10,352,397
Totals
1401
391,709,993
Buildings
Submarket
Inventory
Downtown
177
85,252,521

4,236,145
Total
Total
Available
Available
Space
24,316,842
19,354,184
Space
726,513
19,354,184
4,236,145
3,716,729
Total
Total
726,513
Available
1,620,309
Available
Space
24,316,842
4,236,145
Space
Total
2,722,766
Total
Available
Available
Space
19,354,184
24,316,842
3,716,729
8,059,804
Space
726,513
1,620,309
19,354,184
4,236,145
3,716,729
2,722,766
Total
726,513
1,620,309
Available
24,316,842
4,236,145
8,059,804
Space
2,722,766
Total
Total
Available
24,316,842
Available
Space
8,059,804
3,716,729
Space

1,620,309
3,716,729
2,722,766
712,511
Total
Total
1,620,309
Available
1,606,534
Available
Space
8,059,804
2,722,766
Space
Total
648,370
Total
Available
Available
Space
3,716,729
8,059,804
712,511
2,967,415
Space
1,620,309
1,606,534
3,716,729
2,722,766
712,511
648,370
Total
1,620,309
1,606,534
Available
8,059,804
2,722,766
2,967,415
Space
648,370
Total
Total
Available
8,059,804
Available
Space
2,967,415
712,511
Space
1,606,534
712,511
648,370
23,783,424
Total
Total
1,606,534
Available
3,953,356
Available
Space
2,967,415
648,370
Space
Total
7,607,281
Total
Available
Available
Space
712,511
2,967,415
23,783,424
35,344,061
Space
1,606,534
3,953,356
712,511
648,370
23,783,424
7,607,281
Total
1,606,534
3,953,356
Available
2,967,415
648,370
35,344,061
Space
7,607,281
Total
Available
2,967,415
Space
35,344,061
23,783,424

-3.5%
Y-o-Y
Y-o-Y
% Change
% Change

0.3%
1.5%

-7.6%
1.5%
-3.5%
-6.1%
Y-o-Y
Y-o-Y
-7.6%
%-14.4%
Change
% Change

0.3%
-3.5%

Y-o-Y
1.2%
% Y-o-Y
Change
% 0.3%
Change
1.5%

-6.1%
-5.6%

-7.6%
-14.4%
1.5%
-3.5%
-6.1%
1.2%
-7.6%
Y-o-Y
%-14.4%
Change
0.3%
-3.5%
-5.6%

1.2%
Y-o-Y
Y-o-Y
% Change
% 0.3%
Change

-5.6%
-6.1%

-14.4%
-6.1%
1.2%
3.7%
Y-o-Y
Y-o-Y
%-14.4%
Change
%-18.9%
Change

-5.6%
1.2%

Y-o-Y
-49.4%
% Y-o-Y
Change
%-5.6%
Change
-6.1%

3.7%
-24.9%

-14.4%
-18.9%
-6.1%
1.2%
3.7%
-49.4%
-14.4%
Y-o-Y
%-18.9%
Change
-5.6%
1.2%
-24.9%

-49.4%
Y-o-Y
Y-o-Y
% Change
%-5.6%
Change

-24.9%
3.7%

-18.9%
3.7%
-49.4%
0.3%
Y-o-Y
Y-o-Y
-18.9%
%-15.2%
Change
% Change

-24.9%
-49.4%

Y-o-Y
-9.0%
Y-o-Y
% Change
%-24.9%
Change
3.7%

0.3%
-3.8%

-18.9%
-15.2%
3.7%
-49.4%
0.3%
-9.0%
-18.9%
Y-o-Y
-15.2%
%-24.9%
Change
-49.4%
-3.8%

-9.0%
Y-o-Y
% Change
-24.9%

-3.8%
0.3%

Number of
OFFICE
439MARKET
47,534,485
As for whether the second quarter
Buildings
Inventory
1401
391,709,993
798 $58.86:
241,506,257
Overall Statistical Summary
Midtown South
426
64,951,215
3,953,356
-15.2% quarter
3,558,376
saw
improvements
over the first
of this 394,980
MANHATTAN OFFICE
MARKET
Midtown
798
241,506,257
23,783,424
0.3%
19,803,481
3,979,943
Downtown
177
85,252,521
7,607,281
-9.0%
6,362,631
1,244,650
Total
Direct
Y-o-Y
Mr.64,951,215
McCarthy3,953,356
suggested
that the3,558,376
previous Sublease
Overall Statisticalyear,
Summary
Midtown South
426
-15.2%
394,980

MANHATTAN
Totals
Submarket
Totals
Midtown

Midtown South
Midtown
Downtown
Midtown South
Totals
Downtown
Totals

Total

Rental
Rate
$31.91
Sublease
Wtd. Avg.
$59.55
$54.44
Rental
Rate

Rental
Rate
$45.29
Total
Wtd. Avg.
$71.67
$66.91
Rental
Rate

$46.10
Direct
Direct
Wtd. Avg.
Wtd. Avg.
Rental
Rate
$68.71
$73.67
Rental
Rate
$68.10
$73.67
$46.10
$45.43
Direct
Direct
$68.10
Wtd.
Avg.
$47.58
Wtd.
Avg.
Rental
Rate
$68.71
$46.10
Rental
Rate
Direct
$35.38
Direct
Wtd. Avg.
Wtd.
Avg.
Rental
Rate
$73.67
$68.71
$45.43
$42.63
Rental
Rate
$68.10
$47.58
$73.67
$46.10
$45.43
$35.38
Direct
$68.10
$47.58
Wtd.
Avg.
$68.71
$46.10
$42.63
Rental
Rate
$35.38
Direct
Direct
Wtd. Avg.
$68.71
Wtd.
Avg.
Rental
Rate
$42.63
$45.43
Rental
Rate

$31.91
Sublease
Sublease
Wtd. Avg.
Wtd. Avg.
Rental
Rate
$54.44
$59.55
Rental
Rate
$46.76
$59.55
$31.91
$42.55
Sublease
Sublease
$46.76
Wtd.
Avg.
$52.17
Wtd.
Avg.
Rental
Rate
$54.44
$31.91
Rental
Rate
Sublease
$32.93
Sublease
Wtd. Avg.
Wtd.
Avg.
Rental
Rate
$59.55
$54.44
$42.55
$40.47
Rental
Rate
$46.76
$52.17
$59.55
$31.91
$42.55
$32.93
Sublease
$46.76
$52.17
Wtd.
Avg.
$54.44
$31.91
$40.47
Rental
Rate
$32.93
Sublease
Sublease
Wtd. Avg.
$54.44
Wtd.
Avg.
Rental
Rate
$40.47
$42.55
Rental
Rate

$45.29
Total
Total
Wtd. Avg.
Wtd. Avg.
Rental
Rate
$66.91
$71.67
Rental
Rate
$66.19
$71.67
$45.29
$45.33
Total
Total
$66.19
Wtd.
Avg.
$48.19
Wtd.
Avg.
Rental
Rate
$66.91
$45.29
Rental
Rate
Total
$35.10
Total
Wtd. Avg.
Wtd.
Avg.
Rental
Rate
$71.67
$66.91
$45.33
$42.45
Rental
Rate
$66.19
$48.19
$71.67
$45.29
$45.33
$35.10
Total
$66.19
$48.19
Wtd.
Avg.
$66.91
$45.29
$42.45
Rental
Rate
$35.10
Total
Total
Wtd. Avg.
$66.91
Wtd.
Avg.
Rental
Rate
$42.45
$45.33
Rental
Rate

$47.58
$45.43
$35.38
$36.46
Direct
Direct
$47.58
Wtd.
Avg.
$42.69
Wtd.
Avg.
Rental
Rate
$42.63
$35.38
Rental
Rate
Direct
$30.81
Direct
Wtd.
Avg.
Wtd.
Avg.
Rental
Rate
$45.43
$42.63
$36.46
$38.50
Rental
Rate
$47.58
$42.69
$45.43
$35.38
$36.46
$30.81
Direct
$47.58
$42.69
Wtd.
Avg.
$42.63
$35.38
$38.50
Rental
Rate
$30.81
Direct
Direct
Wtd. Avg.
$42.63
Wtd.
Avg.
Rental
Rate
$38.50
$36.46
Rental Rate
$42.69
$36.46
$30.81
$67.55
Direct
Direct
$42.69
Wtd.
Avg.
$49.38
Wtd.
Avg.
Rental
Rate
$38.50
$30.81
Rental
Rate
Direct
$40.66
Direct
Wtd.
Avg.
Wtd.
Avg.
Rental
Rate
$36.46
$38.50
$67.55
$59.62
Rental
Rate
$42.69
$49.38
$36.46
$30.81
$67.55
$40.66
Direct
$42.69
$49.38
Wtd.
Avg.
$38.50
$30.81
$59.62
Rental
Rate
$40.66
Direct
Wtd. Avg.
$38.50
Rental
Rate
$59.62
$67.55

$52.17
$42.55
$32.93
$33.69
Sublease
Sublease
$52.17
Wtd.
Avg.
$46.43
Wtd.
Avg.
Rental
Rate
$40.47
$32.93
Rental
Rate
Sublease
$35.76
Sublease
Wtd.
Avg.
Wtd.
Avg.
Rental
Rate
$42.55
$40.47
$33.69
$42.23
Rental
Rate
$52.17
$46.43
$42.55
$32.93
$33.69
$35.76
Sublease
$52.17
$46.43
Wtd.
Avg.
$40.47
$32.93
$42.23
Rental
Rate
$35.76
Sublease
Sublease
Wtd. Avg.
$40.47
Wtd.
Avg.
Rental
Rate
$42.23
$33.69
Rental Rate
$46.43
$33.69
$35.76
$58.41
Sublease
Sublease
$46.43
Wtd.
Avg.
$49.93
Wtd.
Avg.
Rental
Rate
$42.23
$35.76
Rental
Rate
Sublease
$32.54
Sublease
Wtd.
Avg.
Wtd.
Avg.
Rental
Rate
$33.69
$42.23
$58.41
$52.08
Rental
Rate
$46.43
$49.93
$33.69
$35.76
$58.41
$32.54
Sublease
$46.43
$49.93
Wtd.
Avg.
$42.23
$35.76
$52.08
Rental
Rate
$32.54
Sublease
Wtd. Avg.
$42.23
Rental
Rate
$52.08
$58.41

$48.19
$45.33
$35.10
$36.29
Total
Total
$48.19
Wtd.
Avg.
$42.85
Wtd.
Avg.
Rental
Rate
$42.45
$35.10
Rental
Rate
Total
$30.85
Total
Wtd.
Avg.
Wtd.
Avg.
Rental
Rate
$45.33
$42.45
$36.29
$38.65
Rental
Rate
$48.19
$42.85
$45.33
$35.10
$36.29
$30.85
Total
$48.19
$42.85
Wtd.
Avg.
$42.45
$35.10
$38.65
Rental
Rate
$30.85
Total
Total
Wtd. Avg.
$42.45
Wtd.
Avg.
Rental
Rate
$38.65
$36.29
Rental Rate
$42.85
$36.29
$30.85
$66.44
Total
Total
$42.85
Wtd.
Avg.
$49.43
Wtd.
Avg.
Rental
Rate
$38.65
$30.85
Rental
Rate
Total
$40.06
Total
Wtd.
Avg.
Wtd.
Avg.
Rental
Rate
$36.29
$38.65
$66.44
$58.86
Rental
Rate
$42.85
$49.43
$36.29
$30.85
$66.44
$40.06
Total
$42.85
$49.43
Wtd.
Avg.
$38.65
$30.85
$58.86
Rental
Rate
$40.06
Total
Wtd. Avg.
$38.65
Rental
Rate
$58.86
$66.44

4,236,145
-3.5%
3,416,364
819,781
7.2%
1.7%
9.0%
-0.3%
$46.10
27: One 47,141,922
reason Class
in Midtown
South
such demand
now is because
of the
TotalA properties
Direct
Sublease are inDirect
Sublease rightTotal
Direct
Y-o-Y
Y-o-Y

Number of
MANHATTAN OFFICE
NumberMARKET
of
Buildings
MANHATTAN
OFFICE
Submarket
Inventory
Totals
393
242,519,670
Midtown
320 MARKET
180,995,042
Submarket
Class A StatisticalBuildings
Summary Inventory
Class BSouth
Statistical Summary
Midtown
27
14,382,706
MANHATTAN
OFFICE
MARKET
Midtown
320 MARKET
180,995,042
MANHATTAN
OFFICE
Downtown
46
47,141,922
Midtown
328
44,581,134
Class ASouth
Statistical Summary
Midtown
27 of
14,382,706
Number
Class
B
Statistical
Summary
Midtown South
184
29,316,502

Midtown
Submarket
Totals

Sublease

Year-to-Date

Activity
Ratemillion (123,701)
Rate
average

market, an
quarter is-56.4%
about three
2.3%
1,397,269
262,269
Year-to-Date
Year-to-Date
Year-to-Date
Y-o-Y
Y-o-Y
Leasing
Direct
Absorption
Total Absorption
Change and so
%
Changehalf
square%feet,
for
the
first
you
would
4.7%
4,646,202
-49.0%
171,300
(432,894)
5.2%
6,161,518
-51.2%
451,655
(538,509)
Activity
Rate
Rate

to be right
around six
MANHATTAN OFFICE MARKET - SECOND QUARTER
2012 $66.19 expect26.0%
$46.76
118,047
-62.9%million square
18,086
18,086
$59.55
$71.67
4.7%
4,646,202
-49.0%
171,300
(432,894)
$31.91
$45.29
2.3%Mr. McCarthy.
1,397,269
-56.4%
262,269
(123,701)
feet, said
Instead,
we
saw just Year-to-Date
Sublease
Total
Year-to-Date
Year-to-Date
Y-o-Y
Y-o-Y
MANHATTAN
-%
SECOND
QUARTER
2012 Wtd.
Second Quarter
2012
27 of
14,382,706
726,513
662,763
63,750
4.6% OFFICE
0.4% MARKET
5.1%
-0.5%
$68.10
$46.76
$66.19
118,047
18,086
Number
Available
Available
Available
Vacancy
Vacancy
Vacancy
Wtd.
Avg.
Wtd.
Avg.
Avg. 4.6 million
Leasing
Direct
Absorption
Total18,086
Absorption
% -7.6%
Change
Pt.
Change
%26.0%
Change square
%-62.9%
Change
feet [in
the first
half].
393where
242,519,670
24,316,842
19,720,062
4,596,780
8.1%
1.9%
10.0%
$68.71
$54.44
$66.91
5.2%
6,161,518
-51.2%
451,655
(538,509)
Buildings
Space
Space
Space
Ratein if they
Rate
Rate
Rental
Rate
Rental
Rate
Rental
Rate
Activity
Rate
Rate
building

Google isthats
the0.3%
everyone
wants to be
can right
now, he0.0%
added.
Inventory
Buildings
46

Number of

Wtd. Avg.

% Change
% Pt. Change
MANHATTAN
OFFICE
markets
relatively24,316,842
small
stock0.3%
of just 27
buildings,
noted Mr.
McCarthy.
like the
Midtown
320 MARKET
180,995,042
19,354,184
1.5%
15,640,935
3,713,249
8.6%
2.1% Properties
10.7%
0.1%
$73.67
Totals
393
242,519,670
19,720,062
4,596,780
8.1%
1.9%
10.0%
0.0%
$68.71
Buildings
Space
Space
Space
Rate
Rate
Rate
Rental
Rate

Highline
Submarket
Inventory
Class ASouth
Statistical Summary
Midtown
27
14,382,706
726,513
-7.6% 200 662,763
63,750near Madison
4.6%
0.4%
5.1%
-0.5% most$68.10
Building
at
415
West
14th
Street,
Fifth
Avenue
Square
Park
and,
perhaps
MANHATTAN OFFICE
OFFICE MARKET
MARKET
MANHATTAN
Midtown
320
180,995,042
19,354,184
1.5%
15,640,935
3,713,249
8.6%
2.1%
10.7%
0.1%
$73.67
Downtown
46
47,141,922
4,236,145
-3.5%
3,416,364
819,781
7.2%
1.7%
9.0%
-0.3%
$46.10
Total
Direct
Direct
Sublease
Direct
Y-o-Y
Y-o-YAvenue,
111 Eighth
Avenue,
are all
in high Sublease
demand among
tech
startups.Total
111 Eighth
Class B
A Statistical
Summary
Class
Statisticalconspicuously,
Summary

Submarket
Totals
Downtown

Year-to-Date
Year-to-Date
ago thatY-o-Y
included
a 1.046-million-square-foot
Y-o-Y

Available the%
Available out Available
Vacancy
Wtd. Avg.
Wtd. Avg.
Wtd. Avg.
Leasing
Direct Absorption
Total Absorption
Change to figure
% Pt. Change
% Change
% Change
markets and read between
lines
what
it allVacancy
means. Vacancy
transaction
Nast anda 902,000-squareSpace
Space
Space
Rate
Rate
Rate
Rental Rate
Rental Rate
Rental
Rate
Activity
Rate
Rate

by Cond
MANHATTAN OFFICE MARKET - SECOND QUARTER 2012 foot transaction by Nomura Holding. If you look
19,354,184
1.5%
15,640,935
3,713,249
8.6%
2.1%
10.7%
0.1%
$73.67
$59.55
$71.67
4.7%
4,646,202
-49.0%
171,300
(432,894)
Total
Direct
Sublease
Direct
Sublease
Total
Direct
Sublease
Total
Year-to-Date
Year-to-Date
Year-to-Date
Y-o-Y
Y-o-Y
Y-o-Yhalf of
Y-o-Y
at the first
2012 in the
Midtown
Class
AQuarter
Second
2012
MANHATTAN
-%
SECOND
QUARTER
2012 Wtd.
726,513
662,763
63,750
4.6% OFFICE
0.4% MARKET
5.1%
-0.5%
$68.10
$46.76
$66.19
118,047
Number of
Available
Available
Available
Vacancy
Vacancy
Vacancy
Wtd.
Avg.
Wtd.
Avg.
Avg.
Leasing
Direct18,086
Absorption
Total18,086
Absorption
% -7.6%
Change
Pt.
Change
%26.0%
Change
%-62.9%
Change

Number of
MANHATTAN OFFICE
MARKET
Buildings
Inventory
Class A Statistical Summary
MANHATTAN OFFICE
MARKET
Midtown
320
180,995,042
Class ASouth
Statistical Summary
Midtown
27
14,382,706
Submarket

Number of
Buildings
1401
177

Available

% Change

Available

Available

Space
Space
Space

Inventory
quarter
may have
a slightly -3.8%
more
compelling
391,709,993
35,344,061
29,724,488
5,619,573
85,252,521
7,607,281
-9.0%
6,362,631
1,244,650
Total
Direct
Sublease
Y-o-Y
Available
Available wereAvailable
Number
of
% Change
argument.
While
he
noted
that
asking
rents
Space
Space
Space
Buildings
798
241,506,257
23,783,424
0.3%
19,803,481
3,979,943

Inventory
1401
391,709,993
35,344,061
-3.8%
29,724,488
5,619,573
down
in64,951,215
the second
quarter, -15.2%
he also pointed
to 394,980
426
3,953,356
3,558,376
798
241,506,257
23,783,424
0.3%
19,803,481
177
85,252,521 rents
7,607,281
-9.0%
6,362,631
1,244,650
overall
asking
across asset
classes,
which 3,979,943
426
64,951,215
3,953,356
-15.2%
3,558,376
394,980
this
quarter
clocked
in
at
an
average
of
$58.86,
a
1401
391,709,993
35,344,061
-3.8%
29,724,488
5,619,573
177
85,252,521
7,607,281
-9.0%
6,362,631
1,244,650
slight decrease from last quarters $58.90. What
1401
391,709,993
35,344,061
29,724,488
we
saw was
a continuation
of-3.8%
this slower
level of5,619,573
activity leading to basically flat rental rates and
pretty low vacancy rates, too, said Mr. McCarthy.

NOTE: Only space that can be occupied within six months from the end of the current month is included in statistics.
Source: Cushman and Wakefield Research Services

NOTE: Only space that can be occupied within six months from the end of the current month is included in statistics.
Source: Cushman and Wakefield Research Services
NOTE: Only space that can be occupied within six months from the end of the current month is included in statistics.
Source: Cushman and Wakefield Research Services

NOTE: Only space that can be occupied within six months from the end of the current month is included in statistics.
Source: Cushman and Wakefield Research Services
NOTE: Only space that can be occupied within six months from the end of the current month is included in statistics.
Source: Cushman and Wakefield Research Services

20|July 17, 2012|The Commercial Observer

NOTE: Only space that can be occupied within six months from the end of the current month is included in statistics.
Source: Cushman and Wakefield Research Services
NOTE: Only space that can be occupied within six months from the end of the current month is included in statistics.
Source: Cushman and Wakefield Research Services

-0.3%
Y-o-Y
Y-o-Y
% Pt. Change
% Pt. Change

0.0%
0.1%

-0.5%
0.1%
-0.3%
-0.5%
Y-o-Y
Y-o-Y
-0.5%
% Pt.
Change
-0.8%
% Pt.
Change

0.0%
-0.3%

Y-o-Y
0.3%
Y-o-Y
% Pt.
Change
% Pt.
Change
0.1%

0.0%
-0.5%
-0.4%

-0.5%
-0.8%
0.1%
-0.3%
-0.5%
0.3%
-0.5%
Y-o-Y
-0.8%
% Pt.
Change
0.0%
-0.3%
-0.4%

0.3%
Y-o-Y
Y-o-Y
% Pt. Change
0.0%
% Pt.
Change

-0.4%
-0.5%

-0.8%
-0.5%
0.3%
0.1%
Y-o-Y
Y-o-Y
-0.8%
% Pt.
Change
-1.9%
% Pt.
Change

-0.4%
0.3%

Y-o-Y
-5.3%
Y-o-Y
% Pt.
Change
% Pt.
Change
-0.5%

-0.4%
0.1%
-2.0%

-0.8%
-1.9%
-0.5%
0.3%
0.1%
-5.3%
-0.8%
Y-o-Y
-1.9%
% Pt.
Change
-0.4%
0.3%
-2.0%

-5.3%
Y-o-Y
Y-o-Y
% Pt. Change
-0.4%
% Pt.
Change

-2.0%
0.1%

-1.9%
0.1%
-5.3%
0.0%
Y-o-Y
Y-o-Y
-1.9%
% Pt.
Change
-1.1%
% Pt.
Change

-2.0%
-5.3%

Y-o-Y
-0.8%
Y-o-Y
% Pt. Change
% Pt.
Change
0.1%

-2.0%
0.0%
-0.3%

-1.9%
-1.1%
0.1%
-5.3%
0.0%
-0.8%
-1.9%
Y-o-Y
-1.1%
% Pt.
Change
-2.0%
-5.3%
-0.3%

-0.8%
Y-o-Y
% Pt. Change
-2.0%

-0.3%
0.0%

-41.9%: In comparison to year-over-year

0.6%
6.1%
-1.1% and Downtown,
$49.38
$49.93
office leasing
in Midtown
South
1.6%
9.8%
0.0%
$67.55
$58.41
1.5%
8.9%
-0.8%
$40.66
$32.54
Sublease
Total
Direct
Sublease
Y-o-Y
overall leasing
activity
in Midtown
across
all three
0.6%
6.1%
-1.1%
$49.38
$49.93
Vacancy
Vacancy
Wtd.
Avg.
Wtd.
Avg.
% Pt.
Change
Rate
Rate
Rental
Rate
Rental
Rate

asset classes
was positively
sluggish.
Midtown
1.4%
9.0%
-0.3%
$59.62
$52.08
1.5%
8.9%
-0.8%
$40.66
$32.54
Sublease
Total
Direct
Sublease
Y-o-Y
Vacancy by large
Vacancycorporate,
Wtd. Avg.
Wtd. Avg.
% Pt. Change
is occupied
institutional
Rate
Rate
Rental
Rate
Rental
Rate
1.6%
9.8%
0.0%
$67.55
$58.41

1.4%
9.0%
-0.3%
$59.62
$52.08
tenantslaw
firms,
financial-1.1%
firms, consulting
5.5%
0.6%
6.1%
$49.38
$49.93
8.2%
1.6%
9.8%
0.0%
$67.55
7.5%
1.5%
8.9%
$40.66
$32.54
firms,
accounting
firms,
all of -0.8%
these
kinds
of large$58.41
5.5%
0.6%
6.1%
-1.1%
$49.38
$49.93
corporate
users,
said
Mr.
McCarthy,
who
added
7.6%
1.4%
9.0%
-0.3%
$59.62
$52.08
7.5%
1.5%
8.9%
-0.8%
$40.66
$32.54
that those kind of institutional groups pay close
7.6%
1.4%
9.0%
-0.3%
$59.62
$52.08
attention to the global economy and, say, the
European debt crises. And those are just the kinds
of companies that are extremely cautious right
now in an uncertain economic environment.
5.5%
8.2%
7.5%
Direct
5.5%
Vacancy
Rate
7.6%
7.5%
Direct
Vacancy
Rate
8.2%
7.6%

2.3%
Y-o-Y
Y-o-Y
% Change
% Change

5.2%
4.7%

26.0%
4.7%
2.3%
4.3%
Y-o-Y
Y-o-Y
%26.0%
Change
% 8.0%
Change

5.2%
2.3%

Y-o-Y
0.8%
% Y-o-Y
Change
% 5.2%
Change
4.7%

4.3%
3.6%

26.0%
8.0%
4.7%
2.3%
4.3%
0.8%
26.0%
Y-o-Y
8.0%
% 5.2%
Change
2.3%
3.6%

0.8%
Y-o-Y
Y-o-Y
% Change
% 5.2%
Change

3.6%
4.3%

8.0%
4.3%
0.8%
10.5%
Y-o-Y
Y-o-Y
% 8.0%
Change
% 5.2%
Change

3.6%
0.8%

Y-o-Y
-5.9%
% Y-o-Y
Change
% 3.6%
Change
4.3%

10.5%
5.1%

8.0%
5.2%
4.3%
0.8%
10.5%
-5.9%
8.0%
Y-o-Y
5.2%
% 3.6%
Change
0.8%
5.1%

-5.9%
Y-o-Y
Y-o-Y
% Change
% 3.6%
Change

5.1%
10.5%

5.2%
10.5%
-5.9%
4.9%
Y-o-Y
Y-o-Y
5.2%
%10.8%
Change
% Change

5.1%
-5.9%

Y-o-Y
1.7%
Y-o-Y
% Change
%10.5%
Change

5.1%
4.9%
6.0%

5.2%
10.8%
10.5%
-5.9%
4.9%
1.7%
5.2%
Y-o-Y
%10.8%
Change
5.1%
-5.9%
6.0%

1.7%
Y-o-Y
% Change
5.1%

6.0%
4.9%

1,397,269
Year-to-Date
Year-to-Date
Leasing
Leasing
Activity
6,161,518
4,646,202
Activity
118,047
4,646,202
1,397,269
1,430,184
Year-to-Date
Year-to-Date
118,047
Leasing
1,079,979
Leasing
Activity
6,161,518
1,397,269
Activity
Year-to-Date
774,770
Year-to-Date
Leasing
Leasing
Activity
4,646,202
6,161,518
1,430,184
3,284,933
Activity
118,047
1,079,979
4,646,202
1,397,269
1,430,184
774,770
Year-to-Date
118,047
1,079,979
Leasing
6,161,518
1,397,269
3,284,933
Activity
774,770
Year-to-Date
Year-to-Date
Leasing
6,161,518
Leasing
Activity
3,284,933
1,430,184
Activity
1,079,979
1,430,184
774,770
390,701
Year-to-Date
Year-to-Date
1,079,979
Leasing
661,697
Leasing
Activity
3,284,933
774,770
Activity
Year-to-Date
641,688
Year-to-Date
Leasing
Leasing
Activity
1,430,184
3,284,933
390,701
1,694,086
Activity
1,079,979
661,697
1,430,184
774,770
390,701
641,688
Year-to-Date
1,079,979
661,697
Leasing
3,284,933
774,770
1,694,086
Activity
641,688
Year-to-Date
Year-to-Date
Leasing
3,284,933
Leasing
Activity
1,694,086
390,701
Activity
661,697
390,701
641,688
6,467,087
Year-to-Date
Year-to-Date
661,697
Leasing
1,859,723
Leasing
Activity
1,694,086
641,688
Activity
Year-to-Date
2,813,727
Year-to-Date
Leasing
Leasing
Activity
390,701
1,694,086
6,467,087
11,140,537
Activity
661,697
1,859,723
390,701
641,688
6,467,087
2,813,727
Year-to-Date
661,697
1,859,723
Leasing
1,694,086
641,688
11,140,537
Activity
2,813,727
Year-to-Date
Leasing
1,694,086
Activity
11,140,537
6,467,087

-56.4%
Y-o-Y
Y-o-Y
% Change
% Change

-51.2%
-49.0%

262,269
Year-to-Date
Year-to-Date
Direct Absorption
Direct Absorption
Rate
451,655
171,300
Rate

-62.9%
-49.0%
-56.4%
-6.7%
Y-o-Y
Y-o-Y
%-62.9%
Change
%-11.9%
Change

-51.2%
-56.4%

Y-o-Y
4.7%
% Y-o-Y
Change
%-51.2%
Change
-49.0%

-6.7%
-6.1%

-62.9%
-11.9%
-49.0%
-56.4%
-6.7%
4.7%
-62.9%
Y-o-Y
-11.9%
%-51.2%
Change
-56.4%
-6.1%

4.7%
Y-o-Y
Y-o-Y
% Change
%-51.2%
Change

-6.1%
-6.7%

-11.9%
-6.7%
4.7%
-21.0%
Y-o-Y
Y-o-Y
%-11.9%
Change
% 8.3%
Change

-6.1%
4.7%

Y-o-Y
54.6%
% Y-o-Y
Change
%-6.1%
Change
-6.7%

-21.0%
11.4%

-11.9%
8.3%
-6.7%
4.7%
-21.0%
54.6%
-11.9%
Y-o-Y
8.3%
%-6.1%
Change
4.7%
11.4%

54.6%
Y-o-Y
Y-o-Y
% Change
%-6.1%
Change

11.4%
-21.0%

8.3%
-21.0%
54.6%
-41.9%
Y-o-Y
Y-o-Y
8.3%
%-13.7%
Change
% Change

11.4%
54.6%

Y-o-Y
-35.4%
Y-o-Y
% Change
%11.4%
Change
-21.0%

-41.9%
-36.9%

8.3%
-13.7%
-21.0%
54.6%
-41.9%
-35.4%
8.3%
Y-o-Y
-13.7%
%11.4%
Change
54.6%
-36.9%

-35.4%
Y-o-Y
% Change
11.4%

-36.9%
-41.9%

18,086
171,300
262,269
(23,812)
Year-to-Date
Year-to-Date
18,086
Direct
Absorption
Second
178,490
Direct
Absorption
Rate
451,655
262,269
Rate
Year-to-Date
243,338
Year-to-Date
Direct Absorption
Direct
Absorption
Rate
171,300
451,655
(23,812)
398,016
Rate
18,086
178,490
171,300
262,269
(23,812)
243,338
Year-to-Date
18,086
Second
178,490
Direct
Absorption
451,655
262,269
398,016
Rate
243,338
Year-to-Date
Year-to-Date
Direct Absorption
451,655
Direct
Absorption
Rate
398,016
(23,812)
Rate
178,490
(23,812)
243,338
11,817
Year-to-Date
Year-to-Date
178,490
Direct
Absorption
Second
163,027
Direct
Absorption
Rate
398,016
243,338
Rate
Year-to-Date
481,267
Year-to-Date
Direct
Absorption
Direct(23,812)
Absorption
Rate
398,016
11,817
656,111
Rate
178,490
163,027
(23,812)
243,338
11,817
481,267
Year-to-Date
178,490
Second
163,027
Direct
Absorption
398,016
243,338
656,111
Rate
481,267
Year-to-Date
Year-to-Date
Direct Absorption
398,016
Direct
Absorption
Rate
656,111
11,817
Rate
163,027
11,817
481,267
159,305
Year-to-Date
Year-to-Date
163,027
Direct
Absorption
Second
359,603
Direct
Absorption
Rate
656,111
481,267
Rate
Year-to-Date
986,874
Year-to-Date
Direct
Absorption
Direct11,817
Absorption
Rate
656,111
159,305
1,505,782
Rate
163,027
359,603
11,817
481,267
159,305
986,874
Year-to-Date
163,027
359,603
Direct
Absorption
656,111
481,267
1,505,782
Rate
986,874
Year-to-Date
Direct Absorption
656,111
Rate
1,505,782
159,305

(123,701)
Year-to-Date
Year-to-Date
Total Absorption
Total Absorption
Rate
(538,509)
(432,894)
Rate
18,086
(432,894)
(123,701)
(74,706)
Year-to-Date

Year-to-Date
18,086
Total212,067
Absorption
Quarter
2012
Total Absorption
Rate
(538,509)
(123,701)
Rate
Year-to-Date
219,672
Year-to-Date
Total
Absorption
Total(432,894)
Absorption
Rate
(538,509)
(74,706)
357,033
Rate
18,086
212,067
(432,894)
(123,701)
(74,706)
219,672
Year-to-Date
18,086
Quarter
2012
212,067
Total
Absorption
(538,509)
(123,701)
357,033
Rate
219,672
Year-to-Date
Year-to-Date
Total Absorption
(538,509)
Total
Absorption
Rate
357,033
(74,706)
Rate
212,067
(74,706)
219,672
23,404
Year-to-Date
Year-to-Date
Total212,067
Absorption
Quarter
2012
Total124,278
Absorption
Rate
357,033
219,672
Rate
Year-to-Date
491,602
Year-to-Date
Total
Absorption
Total(74,706)
Absorption
Rate
357,033
23,404
639,284
Rate
212,067
124,278
(74,706)
219,672
23,404
491,602
Year-to-Date
212,067
Quarter
2012
124,278
Total
Absorption
357,033
219,672
639,284
Rate
491,602
Year-to-Date
Year-to-Date
Total Absorption
357,033
Total
Absorption
Rate
639,284
23,404
Rate
124,278
23,404
491,602
(484,196)
Year-to-Date
Year-to-Date
124,278
Total354,431
Absorption
Quarter
2012
Total Absorption
Rate
639,284
491,602
Rate
Year-to-Date
587,573
Year-to-Date
Total
Absorption
Total23,404
Absorption
Rate
639,284
(484,196)
457,808
Rate
124,278
354,431
23,404
491,602
(484,196)
587,573
Year-to-Date
124,278
354,431
Total
Absorption
639,284
491,602
457,808
Rate
587,573
Year-to-Date
Total Absorption
639,284
Rate
457,808
(484,196)

457,808: Overall, absorptionor, the net-change

$49.43
10.8%
1,859,723 positive
-13.7%this quarter,
359,603
in
occupied
spacewas
which354,431
$66.44
4.9%
6,467,087
-41.9%
159,305
(484,196)
$40.06
1.7%
2,813,727
-35.4%
986,874
587,573
Total
Year-to-Date
Year-to-Date
Y-o-Y
Y-o-Y
was
not the
caseYear-to-Date
four
months
ago. Indeed,
while
$49.43
1,859,723
359,603
Wtd.
Avg.
Leasing
Direct
Absorption
Total354,431
Absorption
%10.8%
Change
%-13.7%
Change
Rental
Rate
Activity
Rate
Rate

-370,000
last yearY-o-Y
saw
absorption
fall-36.9%
to
square
$58.86
6.0%
11,140,537
1,505,782
457,808
$40.06
1.7%
2,813,727
-35.4%
986,874
587,573
Total
Year-to-Date
Year-to-Date
Year-to-Date
Y-o-Y
Wtd. feet,
Avg.
Leasing
Direct Absorption
Total Absorption
% Change
% to
Change
this
quarter
saw
it
rise
457,808.
So
the
Rental
Rate
Activity
Rate
Rate
$66.44
4.9%
6,467,087
-41.9%
159,305
(484,196)

$58.86
6.0%
11,140,537
-36.9%
1,505,782
457,808
net-positive
second quarter
was 354,431
$49.43
10.8%absorption
1,859,723 in the
-13.7%
359,603
$66.44
4.9%
6,467,087
-41.9%
$40.06
1.7%
2,813,727
-35.4%
986,874
587,573
about 800,00
square
feet, which
is not159,305
fantastic, (484,196)
$49.43
10.8%
1,859,723
-13.7%
359,603
354,431
but
its
a
good
quarter
for
absorption,
which
is
$58.86
6.0%
11,140,537
-36.9%
1,505,782
457,808
$40.06
1.7%
2,813,727
-35.4%
986,874
587,573
a surprise given the flat vacancy and given the
$58.86
6.0%
11,140,537
-36.9%
1,505,782
457,808
slower level of general economic activity, said
Mr. McCarthy, who noted that the change can be
attributed to Class A office leasing in Midtown.