POSTINGS

Midtown Leasing

30.3%: Thanks to its stock of older manufacturing buildings, not unlike those all across
Midtown South, Times Square South has
emerged as the popular submarket in MidIf one of the dominant stories in Midtown South this year is the flood of tech and media startups, then the lack of forward movement by large corporate
town for tech startups looking for a certain
tenants may be the story in Midtown. Indeed, nary a single lease in excess of 250,000 square feet has closed this year, a conspicuous change from a
aesthetic and a great deal. Online shopyear ago, when five such deals were inked, including a 1.6-million-square-foot whopper by TV network Viacom at 1515 Broadway. Despite the dearth of
ping community Ideeli went to 620 Eighth
big transactions, however, a wave of smaller ones kept Midtown active. Ken McCarthy, senior economist at Cushman & Wakefield, reviewed third-quarMIDTOWN
NEWTHIRD
YORK QUARTER
OFFICE MARKETTHIRD QUARTERAvenue,
2012entertainment advertising agency
MIDTOWN NEW YORK OFFICE
MARKET2012
ter leasing activity in Midtown and explained why the market and its 11 submarkets have performed the way they have.
SpotCo moved to 1385 Broadway and online
hotel service provider TravelClick dug into
1411 Broadway, to name a few. Times Square
$96.52:
While
rental
rates
in
Midtown
remain
the
highest
in
Manhattan,
2,293,846: Among Class
A buildings inNEW
Midtown,YORK
the storyOFFICE
is MIDTOWN
the
MIDTOWN
MARKETNEWTHIRD
YORK QUARTER
OFFICE MARKET2012
THIRD QUARTER
2012
South
is the biggest Class B market in terms
those in the Madison/Fifth Avenue submarket are something of an anomAvenue of the Americas/Rockefeller Center submarket, where as
of square footage, and thats one where
aly.
Indeed,
thanks
to
Sheldon
Solows
9
West
57th
Street,
where
asking
many as 19 buildings are faced with at least 100,000 square feet or
we are seeing another example of technolNEW
YORK OFFICE
MARKET
CE MARKET MIDTOWN
rents are reaching a head-spinning $165 per square foot, the submarkets
more
of available
space.
The amount of available space shot up by
ogy bleeding into another
market, said Mr.
Class A Statistical Summary
Third Quarter 2012
numbers
continue
to
skew
higher
than
everything
around
it.
Thats
the
15.6 percent since the same time last year.
McCarthy.
number that always jumps out, said Mr. McCarthy, adding that an estiY-o-Y
Y-o-Y
Y-o-Y
Y-o-YDirect
Y-o-YDirect
Y-o-YTotal
Total
Direct
Sublease
Sublease
Total
Sublease
Year-to-Date
Total
Direct
Sublease
DirectY-o-Y
Sublease
Total
Direct
Sublease
TotalY-o-Y
Year-to-Date
Year-to-Date
Year-to-Date
mated
500,000
square
feet of
office
space
remains
on%the
market.
% Change
% Avg.
Pt. Change
% Change
% Change
% Change
% Pt. Change
Change
% Change
Number of Available
Available
Available
Available
Vacancy
Vacancy
Vacancy
Wtd.
Avg.
Wtd. Avg.
Wtd. Avg. Direct Absorption
Leasing
Available
Available
Vacancy
Vacancy
Vacancy
Wtd.
Avg.
Wtd.
Avg.
Wtd.
Leasing
Total Absorption

CE MARKET MIDTOWN
NEW YORK
OFFICE
MARKET
Space
Space
Submarket
Inventory
Buildings
Inventory
Class A Statistical Summary
6,899,203

Murray
Hill
239,464

-61.5% 10
Y-o-Y
-14.9% 68
% Change
Number of
9
20.2%Buildings

32.8% 37

36,427,439
1,859,450
Inventory
17,741,052

Total
Grand4,133,304
Central
Available
United78,603
Nations
Space
Submarket
East Side
1,901,414

21,652,799
6,899,203

Park Avenue
2,152,087
Murray
239,464
Hill

18.6%
-61.5%

21,597,596
36,427,439

Madison/
Fifth
3,575,934
Grand
4,133,304
Central

38,003,977
1,859,450

6,899,203
239,464

SpaceSpace
0 239,464

RateSpace

RateSpace

0.0%239,464

3.5%

Direct
36,427,439
3,411,152
Available
1,859,450
78,603
Space
Inventory
17,741,052
1,540,009

Sublease
Total
4,133,304
722,152
Available
Available
78,603
0 Space
Space
1,901,414
361,405

3.5% -61.5%
Direct
-14.9%
9.4%Y-o-Y
% Change
Vacancy
4.2% 20.2%
Rate

8.7% 32.8%

30
10

21,652,799
1,502,930
239,464
6,899,203

649,157
0 2,152,087
239,464

18.6%
6.9% -61.5%
3.5%

1,502,930
3.0%
0.0%
239,464

9.9%649,157
3.5%
0

10.7%
-14.9%

74
68

21,597,596
2,831,031
3,411,152
36,427,439

3,575,934
744,903
722,152
4,133,304

10.7%
13.1%
9.4% -14.9%

2,831,031
3.4%
2.0%
3,411,152

6 Ave/3,984,186
Rock
Cntr
United
78,603
Nations

15.6%
20.2%

41
9

38,003,977
2,794,641
78,603
1,859,450

1,189,545
0 3,984,186
78,603

15.6%
7.4% 20.2%
4.2%

20,435,166
17,741,052

Westside
2,293,846
East
Side
1,901,414

13.9%
32.8%

28
37

20,435,166
1,761,684
1,540,009
17,741,052

6,576,415
21,652,799

Penn Avenue
Station
426,755
Park
2,152,087

40.7%
18.6%

6
30

6,576,415
390,878
1,502,930
21,652,799

426,755
35,877
649,157
2,152,087

7,323,711
21,597,596

Times3,575,934
Square
1,303,220
Madison/
Fifth South

-6.0%
10.7%

12
74

7,323,711
1,174,943
2,831,031
21,597,596

1,303,220
128,277
744,903
3,575,934

Penn Station
426,755

40.7%

390,878
6,576,415

7,323,711

Times1,303,220
Square South

-6.0%

12

1,174,943
7,323,711

Y-o-Y OFFICE Direct

Total NEW YORK
MARKET
CE MARKET MIDTOWN
%Number
Change
of
AvailableNEW1097.2%
Available
f
2,478,234
Lincoln
87,130
Center
5OFFICE
87,130
2,478,234
FFICE
MARKET
MIDTOWN
YORK
MARKET
B Space
Statistical Summary
Buildings
Space

Submarket
Inventory
Inventory Class
Class C Statistical Summary

43,000 East
Side 206,784
0
Westside
2,322,389
Park Avenue
0
0
6,396,473
Murray
346,126
Hill
0
Park Avenue
0
Penn
Station
2,226,447
5,220
Madison/
Fifth
3,073,031
229,582
7,270,513
Grand
816,585
Central
0
Madison/
Fifth
0 South
Times
Square
9,600,346
479,474
6
Ave/183,746
Rock
1,781,381
810,198
United
Nations
0 Cntr
368,885
6 Ave/ Rock
45,854
Cntr
Center
55,000 Lincoln
0
Westside
3,028,533
63,168
1,110,473
East
Side
32,950
2,322,389 Westside 206,784

N/A21
2
102.1%
0
N/A
-5.8%
51
N/A20
0
-88.8%
47
19.9% 64
25.5%
N/A73
0
-28.1%
25
-20.7%
N/A
7
165.6%
7
N/A1
22
-46.1%
-60.4%
22
102.1%
21

43,000
0
6,396,473
326,796
1,070,823
60,650
00
Direct
7,270,513
782,582
272,576
00
Available
810,198
0
Space
Inventory
00
368,885
45,854
1,110,473
32,950
43,000
0
2,322,389
174,973
0
0 6,396,473
326,796
00
2,226,447
5,220
3,073,031
229,582
782,582
7,270,513
00
9,600,346
447,686
183,746
0 1,781,381
810,198
45,854
368,885
55,000
0
3,028,533
63,168
32,950
1,110,473
174,973
2,322,389

Station
19
5,788,473
5,788,473
894,617
-12.6%
872,420
02,226,447 Penn
Park
Avenue
0804,582
N/A
0
0734,383
0
Totals
151
15,959,466
15,959,466
-12.4%
Penn
Station
5,220
-88.8%
20
2,226,447
5,220
Times1,600,574
Square
South
62
14,311,550
14,311,550
30.3%
1,325,417
3,073,031
Fifth
19.9%
47
229,582
3,073,031
9,600,346 Madison/
Times229,582
Square
479,474
South
-28.1%
73
447,686
9,600,346
MIDTOWN
NEW -20.7%
YORK
MARKET
FFICE
MARKET
Lincoln
Center
9OFFICE
1,010,509
1,010,509
4.7% 25
188,629
1,781,381
Ave/188,629
183,746
Rock
Cntr
183,746
1,781,381
55,000 6Lincoln
Center
0
N/A1
55,000
0

Overall
Statistical Summary
3,028,533
Westside
63,168
-46.1% 22
63,168
3,028,533
Totals
44,581,134
44,581,134
4,355,977
6.9% 328
4,005,290
15,959,466Penn
Totals
804,582
-12.4%
151
15,959,466
734,383
5,788,473
Station
894,617
-12.6%
19
872,420
5,788,473
Y-o-Y
Total
Direct
14,311,550
Times1,600,574
Square
South
30.3%
62
1,325,417
14,311,550
%Number
Change
of
AvailableNEW YORK
Available
f
FFICE
MARKET
MIDTOWN
OFFICE
MARKET
1,010,509
Lincoln
188,629
Center
4.7%Buildings
188,629
1,010,509
Space
9
Inventory
Inventory SubmarketSpace
Overall Statistical Summary

44,581,134
Totals
4,355,977
14,366,499 Murray Hill
652,840
Total
43,970,528 Grand Central
4,949,889
Available
United Nations
2,669,648 Submarket
78,603
Space
Inventory

6.9% 328
83
-38.9%
Y-o-Y
137
-10.1%
%Number
Change

of
20.2%
Buildings
16

Rate
Rental Rate

$52.39 0.0%

N/A 3.5%

Rental Rate

Rental Rate

Rental Rate
Activity

$52.39 -5.5%
5.4%$52.39
396,679N/A
Y-o-Y
TotalY-o-Y
Direct
Year-to-Date
Sublease
-2.1%
$47.31
$57.40
0.4%$58.48
1,388,674
% Avg.
Pt. Change % Change
Wtd.
Wtd. Avg.
Leasing
Wtd. Avg.
1.1%
$49.60
N/A
$49.60
18.1%
12,135
Rental
Rate
Rental Rate
Activity
Rental Rate

$58.22
$62.63 2.8%
1.6%$63.11
637,507

Rental Rate

Rate

4,005,290
44,581,134
14,366,499
626,910
Direct
43,970,528
4,193,734
Available
2,669,648
78,603
Space
Inventory

Activity
Rate

Third Quarter 2012

$52.39
5.4%
-72.0%
309,198
Y-o-Y
Y-o-Y
Total
Year-to-Date
$57.40
0.4%
-46.4%
330,352
% Change
% Change
Wtd. Avg. Direct Absorption
$49.60
18.1%
-22.8%
(70,695)
Rental Rate
Rate

$62.63
1.6%
-33.7%
(103,642)

396,679
314,842

Th

309,198

-33.7%

Year-to-Date
330,352
Direct Absorptio
(70,695)
Rate
(103,642)

6.9%
1.6% 3.5%
-5.5%

3.0%
$81.86 0.0%
$52.39

9.9%
$69.61
N/A 3.5%

1.6%
$79.30 -5.5%
$52.39

$81.86
0.9%$52.39
5.4%

$69.61
932,581
396,679
N/A

$79.30
-3.9%$52.39
-72.0%

0.9%
267,942
309,198
5.4%

932,581
(47,257)
314,842
396,679

-3.9%
-72.0%

267,942
309,198

744,903
16.6%722,152
11.3%

1.6% 13.1%
-2.1%
9.4%

3.4%
$100.22
$58.48 2.0%

16.6%
$62.6811.3%
$47.31

1.6%
$96.52 -2.1%
$57.40

-0.3%
0.4%$100.22
$58.48

$62.68
1,186,477
1,388,674
$47.31

$96.52
-30.0%
-46.4%
$57.40

-0.3%
83,528
330,352
0.4%

1,186,477
(265,335)
65,434
1,388,674

-30.0%
-46.4%

83,528
330,352

2,794,641
3.1%
0.0%
78,603

1,189,545
10.5%
4.2%
0

7.4%
1.4% 4.2%
1.1%

3.1%
$80.09 0.0%
$49.60

$61.11
N/A 10.5%
4.2%

1.4%
$74.45 1.1%
$49.60

$80.09
6.2%$49.60
18.1%

$61.11
1,235,178
12,135
N/A

$74.45
-29.9%
-22.8%
$49.60

6.2%
(397,344)
(70,695)
18.1%

1,235,178
(311,470)
(70,695)
12,135

-29.9%
-22.8%

(397,344)
(70,695)

5.0%
(39,646)
(103,642)
1.6%

794,359
(119,020)
(274,029)
637,507

-55.0%
-33.7%

(39,646)
(103,642)

40.7%
5.9% 18.6%
6.9%

390,878
0.5%
3.0%
1,502,930

35,877
6.5%649,157
9.9%

5.9%
1.9% 6.9%
1.6%

0.5%
$57.40 3.0%
$81.86

6.5%
$48.45 9.9%
$69.61

1.9%
$56.62 1.6%
$79.30

$57.40
3.4%$81.86
0.9%

$48.45
196,418
932,581
$69.61

$56.62
-0.5%$79.30
-3.9%

3.4%
(121,687)
267,942
0.9%

196,418
(149,564)
(47,257)
932,581

-0.5%
-3.9%

(121,687)
267,942

-6.0%
16.0%10.7%
13.1%

1,174,943
1.8%
3.4%
2,831,031

128,277
17.8%744,903
16.6%

16.0%
-1.1%
1.6% 13.1%

1.8%
$72.46 3.4%
$100.22

17.8%
$63.8116.6%
$62.68

$71.95 -1.1%
$96.52
1.6%

$72.46
2.0%$100.22
-0.3%

$63.81
267,578
1,186,477
$62.68

$71.95
-56.0%
-30.0%
$96.52

2.0%
110,865
83,528
-0.3%

267,578
65,944
(265,335)
1,186,477

-56.0%
-30.0%

110,865
83,528

87,130
0 3,984,186
1,189,545

3.5%1097.2%
7.4%
15.6%

87,130
0.0%
3.1%
2,794,641

0
3.5%
10.5%
1,189,545

3.5%
3.2% 7.4%
1.4%

0.0%
$47.75 3.1%
$80.09

3.5%
N/A 10.5%
$61.11

3.2%
$47.75 1.4%
$74.45

$47.75
6.1%$80.09
6.2%

N/A
0 $61.11
1,235,178

$47.75
-100.0%
-29.9%
$74.45

6.1%
(29,600)
(397,344)
6.2%

0
(29,600)
(311,470)
1,235,178

-100.0%
-29.9%

(29,600)
(397,344)

532,162
2,293,846
20,175,943
4,363,478
35,877
426,755

8.6% 13.9%
8.7% 5.2%
5.9% 40.7%

2.6%
1,761,684
15,812,465
2.4%
0.5%390,878

11.2%532,162
4,363,478
11.1%
6.5% 35,877

1.1% 8.6%
0.5% 8.7%
1.9% 5.9%

$67.46 2.6%
$73.97 2.4%
$57.40 0.5%

$56.7811.2%
$59.7111.1%
$48.45 6.5%

$65.24 1.1%
$71.76 0.5%
$56.62 1.9%

5.0%$67.46
2.9%$73.97
3.4%$57.40

794,359
$56.78
$59.71
7,047,586
196,418
$48.45

-55.0%
$65.24
$71.76
-41.2%
-0.5%$56.62

(39,646)
5.0%
Third
2.9%
339,271
(121,687)
3.4%

-55.0%
-41.2%
-0.5%

(39,646)
Third
339,271
(121,687)

128,277
1,303,220
Total
Sublease
Available
0Available
87,130
Space
Space

16.0%
-6.0%
Y-o-Y
Direct
% Change
Vacancy
3.5%
1097.2%
Rate

1.8%
1,174,943
Direct
Sublease
Available
Vacancy
0.0%
87,130
Space
Rate

17.8%128,277
Sublease
Total
Available
Vacancy
3.5%
0
Space
Rate

$72.46 1.8%
Sublease
Direct
Vacancy
Wtd.
Avg.
$47.75
0.0%
Rate
Rental
Rate

$63.8117.8%
Total
Sublease
Vacancy
Wtd.
N/AAvg.
3.5%
Rate
Rental
Rate

2.0%$72.46
Y-o-Y
Direct
%Wtd.
Change
Avg.
6.1%$47.75
Rental
Rate

267,578
$63.81
Sublease
Year-to-Date
Wtd.
Leasing
0 Avg.
N/A
Rental
Rate
Activity

-56.0%
$71.95
Y-o-Y
Total
%Wtd.
Change
Avg.
-100.0%
$47.75
Rental
Rate

00
346,126
19,330
6,600
67,250
00
Sublease
Total
816,585
34,003
00
Available
Available
0
0
SpaceSpace
00
45,854
0 32,950
00
206,784
31,811
0
0 346,126
19,330
00
5,220
229,582
0 816,585
34,003
00
479,474
31,788
00 183,746
0
45,854
00
00 63,168
32,950
31,811
206,784

894,617
22,197
070,199
804,582
5,220
0 0
1,600,574
275,157
031,788
229,582
479,474
00 188,629
183,746
00
0 63,168
4,355,977
350,687
70,199
804,582
22,197
894,617

-1.1%
16.0%
Y-o-Y
Direct
% Pt.
Change
Vacancy
3.2%
3.5%
Rate

$71.95
-1.1%
Y-o-Y
Total
%Wtd.
Pt. Change
Avg.
$47.75
3.2%
Rental
Rate

Year-to-Date
Year-to-Date
1,388,674
65,434
Total Absorption
Leasing
12,135
(70,695)
Rate
Activity
637,507
(274,029)

-72.0%
Y-o-Y
-46.4%
% Change
-22.8%

Year-to-Date
Direct Absorptio
Rate

Sublease
11.3%
$47.31Total
Wtd. Avg.
Vacancy
4.2%
N/ARate
Rental
Rate
$58.2210.7%

(119,020)
794,359
Quarter
2012
7,047,586
(820,750)
(149,564)
196,418

110,865
65,944
267,578
110,865
Y-o-Y2.0%
Y-o-Y-56.0%
Year-to-Date
Year-to-Date
Year-to-Date
Year-to-Date
% (29,600)
Change
% Change
Leasing
Direct
Absorption
Total
Absorption
6.1%
(29,600)
0
-100.0% Direct Absorption
(29,600) T
Th
Activity
Rate
Rate
Rate 2012
Third Quarter

Third Quarter 2012

Third Q

8.7% 5.2%
Y-o-Y
-15.6%
5.7%
Direct
%Y-o-Y
Change
Direct
Vacancy
N/A
% 0.0%
Change
Vacancy
Rate

N/A
0.0%
Rate

2.4%
15,812,465
60,650
0.6%
Direct
Sublease
Sublease
Direct
Available
Vacancy
0
0.0%
Vacancy
Available
Space
Rate
0
0.0%
Rate
Space

11.1%
4,363,478
0.5% 8.7%
6,600
5.7%
6.3%
-1.2%
Y-o-Y
Sublease
Direct
Total
% Pt. Y-o-Y
Change
Sublease
Total
Direct
Available
Vacancy
Vacancy
0
0.0%
0.0%
0.0%
% Pt.
Change
Vacancy
Available
Vacancy
Space
Rate
Rate

0
0.0%
0.0%
0.0%
Rate
Space
Rate

$73.97 2.4%
0.6%
$34.38
Sublease
Direct
Sublease
Direct
Vacancy
Wtd.
Avg.
0.0%
N/A
Wtd.
Vacancy
Avg.
Rate
Rental
Rate
0.0%
N/A
Rental
Rate
Rate

$59.7111.1%
6.3%
$36.00
Total
Sublease
Sublease
Total
Vacancy
Wtd.
Avg.
0.0%
N/A
Wtd.
Vacancy
Avg.
Rate
Rental
Rate
0.0%
N/A
Rental
Rate
Rate

$71.76 0.5%
2.9%$73.97
7,047,586
$59.71
Y-o-Y
-1.2%
$34.38
$36.00
$34.57
5.9%Direct
27,506
Y-o-Y
Sublease
Total
Year-to-Date
Y-o-Y
%Y-o-Y
Pt. Change % Change
Total
Direct
Sublease
Wtd. Avg. Year-to-Date
Wtd. Avg.
Wtd.
Avg.
Leasing
0.0%
N/A
N/A
N/A
N/A
0
%Wtd.
Pt. Rate
Change
%Wtd.
Change
Avg.
Avg.Rate
Wtd.
Leasing
Avg. Rate
Rental
Rental
Rental
Activity

0.0%
N/ARate
N/A
N/A
N/A
0 Rate
Rental
Rental
Rental
Activity
Rate

-41.2%
$71.76
339,271
2.9%
(820,750)
7,047,586
-41.2%
339,271
$34.57
5.9%Y-o-Y
27,506
-35.5%Y-o-Y
(14,785)
-35.5%
(14,785)
(14,785)
Y-o-Y
Total
Year-to-Date
Year-to-Date
Year-to-Date
Year-to-Date
Y-o-Y
Y-o-Y
% Change Year-to-Date
% Change Year-to-Date
% Y-o-Y
Change
Total
Year-to-Date
Year-to-Date
Wtd. Avg. Direct
Leasing
Direct
Absorptio
Absorption
Total
Absorption
N/A
N/A
0
N/A
0
N/A
0
0
%Wtd.
Change
% Change
% Change
Avg. RateDirect
Absorption
Total
Leasing
Absorption
T
Rental
Activity
Rate
Rate
Rate
Direct Absorption

N/ARate
N/A
0Rate
0
N/A
0
0
Rental
Rate
Activity
Rate

Third Quarter
2012 N/A
Th

N/A
0.0%
5.1% -5.8%
5.7%
-15.6%
N/A
0.0%
Direct
25.5%
10.8%Y-o-Y
%0.0%
Change
N/A
Vacancy
N/A
0.0%
Rate

0.0%
N/A
165.6%
12.4%
3.0% -60.4%
0.0%
N/A
102.1%
7.5%
N/A
0.0% -5.8%
5.1%
0.0%
N/A
-88.8%
0.2%
19.9%
7.5% 25.5%
10.8%
0.0%
N/A
-28.1%
4.7%
10.3%
0.0% -20.7%
N/A
12.4%
165.6%
N/A
0.0%
-46.1%
2.1%
3.0%
-60.4%
7.5%
102.1%

0
0.0%
0.3%326,796
0.6%
60,650
0
0.0%
Sublease
Direct
0.5%782,582
0
0.0%
Vacancy
Available
0
0.0%
Rate
Space
0.0%
0
45,854
0.0% 32,950
0.0%
0
174,973
1.4%
0
0.0%326,796
0.3%
0.0%
0
5,220
229,582
0.0%782,582
0.5%
0.0%
0
447,686
0.3%
0.0%
0.0%183,746
0
45,854
0
0.0%
63,168
0.0%
0.0%
32,950
174,973
1.4%

0
0.0%
5.4% 19,330
6.3%
6,600
0
0.0%
Total
Sublease
34,003
11.2%
0
0.0%
Vacancy
Available
0
0.0%
Rate
Space
0.0%
0
12.4%
3.0% 0
0.0%
0
31,811
8.9%
0
0.0% 19,330
5.4%
0.0%
0
0.2%
0
7.5% 34,003
11.2%
0.0%
0
31,788
5.0%
10.3%
0.0% 00
12.4%
0
0.0%
00
2.1%
3.0%
8.9%
31,811

0.0%
N/A
$43.19 0.3%
$34.38
0.6%
0.0%
N/A
Direct
Sublease
0.5%
$49.76
0.0%
Wtd.N/A
Avg.
Vacancy
0.0%
N/A
RentalN/A
Rate
Rate
0.0%
$38.29
$53.46 0.0%
N/A
0.0%
1.4%
$37.55
0.0%
N/A 0.3%
$43.19
N/A
0.0%
$36.53
0.0%
$65.69 0.5%
$49.76
N/A
0.0%
0.3%
$37.92
$52.29
N/A 0.0%
0.0%
$38.29
0.0%
N/A
0.0%
$50.70
$53.46
0.0%
$37.55
1.4%

0.0%
N/A
$31.67 5.4%
$36.00
6.3%
0.0%
N/A
Sublease
11.2%
$39.66Total
0.0%
Wtd.N/A
Avg.
Vacancy
0.0%
N/A
RentalN/A
Rate
Rate
0.0%
12.4%
N/A 3.0%
N/A
0.0%
8.9%
0.0%
N/A 5.4%
$31.67
0.0%
0.2%
N/A
7.5%
N/A 11.2%
$39.66
N/A
0.0%
5.0%
$34.63
N/A
N/A 10.3%
0.0%
12.4%
0.0%
N/A
2.1%
N/A
N/A
3.0%
N/A
8.9%

-11.4%
N/A
N/A
N/A
N/A
0
$31.67
$42.64 -0.3%
-0.4%$43.19
410,378
$34.57
-1.2%
$34.38
5.9%
27,506
$36.00
0.0%
N/A
N/A
N/A
N/A
0
Y-o-Y
TotalY-o-Y
Year-to-Date
Sublease
2.4%
$49.76
$39.66
$49.38
9.6%Direct
335,191
%
Pt.
Change
%
Change
0.0%
N/A
N/A
N/A
N/A
0
Wtd. Avg.
Wtd. Avg.
Leasing
Wtd. Avg.
0.0%
N/A
N/ARate
N/A
0 N/ARate
Rental
Rental
Rate
Activity
Rental

N/A
0.0%
N/A
N/A
N/A
0
4.2%
$38.29
$38.29
9.5%
48,967
$53.46 -4.5%
-0.7%$53.46
33,126 N/A
-11.4%
N/A
N/A
N/A
N/A
0
4.5%
$37.55
$37.55
15.3%
117,239
0.0%
N/A
N/A
N/A -0.3%
N/A$43.19
0 $31.67
$42.64
-0.4%
410,378
N/A
0.0%
N/A
N/A
0
-1.9%
$36.53
N/A
$36.53
1.0%
46,086
1.2%
$65.69
N/A
$65.69 2.4%
13.8%
46,841
$49.38
9.6%$49.76
335,191
$39.66
N/A
0.0%
N/A
N/A
N/A
0
-2.0%
$37.92
$34.63
$37.75
6.2%
358,347
$52.29
-2.4%
95,522
N/A -3.2%
0.0%
N/A$52.29
N/A
0 N/A
N/A
$38.29
4.2%
$38.29
9.5%
48,967
0.0%
N/A
N/A
N/A
N/A
0
-1.7%
N/A
$50.70
2.4%$50.70
104,554
$53.46
-4.5%
-0.7%
$53.46
33,126
$37.55
4.5%
15.3%
$37.55
117,239
N/A N/A
-2.2%
$39.26
$39.48
$39.27
2.5%
261,422
N/A
0.0%
N/A
0N/A
N/A
-0.8%
$37.57
$34.93
$37.45
7.1%
598,145
$36.53
-1.9%
$36.53
1.0% N/A
46,086
2.6%
$44.01
$44.42
4.8%$44.44
765,422
$65.69
1.2%
13.8%
46,841
$37.75
-2.0%
$37.92
6.2%$65.69
358,347
$34.63N/A

N/A
N/A
N/A
0
-0.4%
53.2%$42.64
108,286
-35.5%
$34.57
(14,785)
5.9%
N/A
N/A
N/A
0 Y-o-Y
Y-o-Y
Total
Year-to-Date
$49.38
9.6%
-44.2%
(241,627)
% Change
%
Change
N/A
N/A
N/A
0
Wtd. Avg. Direct Absorption
N/A
N/A
0 N/A
Rental Rate
Rate

N/A
N/A
N/A
0
$38.29
9.5%
347.1%
(10,838)
$53.46
-0.7%
-43.6%
21,876
N/A
N/A
N/A
0
$37.55
15.3%
18.3%
(64,448)
N/A
N/A
N/A$42.64
0 -0.4%
53.2%
108,286
N/A
N/A
N/A
0
$36.53
1.0%
-36.7%
25,616
$65.69
13.8%
-52.0%
(98,219)
-44.2%
$49.38
(241,627)
9.6%
N/A
N/A
N/A
0
$37.75
6.2%
-14.1%
24,094
-29.4%
39,616
N/A$52.29
N/A
0 -2.4%
N/A
347.1%
$38.29
(10,838)
9.5%
N/A
N/A
N/A
0
$50.70
2.4%
-48.3%
43,236
-43.6%
$53.46
21,876
18.3%
$37.55
(64,448)
15.3%-0.7%
29.0%
(117,724)
N/A$39.27
N/A
0 2.5%
N/A
$37.45
7.1%
-7.0%
(40,361)
-36.7%
$36.53
25,616
1.0%

-12.6%
15.1%
0.0%
N/A
-12.4%
4.6%
0.2%
-88.8%
30.3%
9.3%
7.5%
19.9%
4.7%
-28.1%

4.7%
18.7%
10.3%
-20.7%
0.0%
N/A

872,420
0.4%
0.0%
0
734,383
0.4%
0.0%
5,220
1,325,417
1.9%
0.0%
229,582
447,686
0.3%
188,629
0.0%
0.0%
183,746
0.0%
0

22,197
15.5%
0.0%
70,199
5.0%
0.2%
0 0
275,157
11.2%
7.5%
0
5.0%
31,788
0
18.7%
10.3%
0.0%
0 0

0.0%
-11.4%
-0.3% 5.1%
-1.2%
5.7%
0.0%
0.0%
Y-o-Y
10.8%
2.4%Direct
% Pt. Change
0.0%
0.0%
Vacancy
0.0%
0.0% Rate

0.0%
0.0%
12.4%
4.2%
-4.5% 3.0%
-11.4%
0.0%
7.5%
4.5%
0.0%
0.0% 5.1%
-0.3%
0.0%
0.0%
0.2%
-1.9%
7.5%
1.2% 10.8%
2.4%
0.0%
0.0%
4.7%
-2.0%
-3.2%
0.0% 10.3%
0.0%
4.2%
12.4%
0.0%
0.0%
2.1%
-1.7%
-4.5%
3.0%
4.5%
7.5%

15.1%
-2.2%
0.0%
0.0%
4.6%
-0.8%
-1.9%
0.2%
9.3%
2.6%
1.2%
7.5%
-2.0%
4.7%

0.4%
$39.26
N/A
0.0%
0.4%
$37.57
$36.53
0.0%
1.9%
$44.44
$65.69
0.0%
$37.92
0.3%

15.5%
$39.48
N/A
0.0%
5.0%
$34.93
N/A
0.2%
11.2%
$44.01
N/A
7.5%
$34.63
5.0%

$41.47 0.0%
$52.29
0.0%
N/A
0.0%
$50.70 0.0%
$45.55 0.8%
$37.57
0.4%
$39.26
0.4%

N/A 2.1%
$41.02 9.8%
$34.93
5.0%
$39.48
15.5%

Sublease
Total
11.2%
275,157
Available
Vacancy
18.7%
0
Space
Rate

0.8% 18.7%
-3.2%
10.3%
0.0%
0.0%
-1.7% 2.1%
0.6% 9.0%
-0.8%
4.6%
-2.2%
15.1%
Y-o-Y
Direct
2.6%
9.3%
% Pt.
Change
Vacancy
0.8%
18.7%
Rate

Sublease
Direct
$44.44
1.9%
Vacancy
Wtd.
Avg.
$41.47
0.0%
Rate
Rental
Rate

0.8%
4,005,290
626,910
0.2%
Sublease
Direct
4,193,734
1.7%
Vacancy
Available
78,603
0.0%
Rate
Space

9.8%350,687
25,930
4.5%
Sublease
Total
756,155
11.3%
Vacancy
Available
0
2.9%
Rate
Space

0.6% 9.0%
4.4%
-2.9%
Y-o-Y
Direct
9.5%
-1.4%
% Pt.
Change
Vacancy
2.9%
0.7%
Rate

$45.55 0.8%
0.2%
$46.07
Sublease
Direct
1.7%
$57.23
Wtd.
Vacancy
Avg.
0.0%
$49.60
Rental
Rate
Rate

0.0% 63,168
4,005,290
0.8%
734,383
0.4%
0.4%
872,420

2.1% 0
9.8%350,687
5.0%
70,199
15.5%
22,197

Total
Sublease
275,157
1,600,574
Available
Available
0Space
188,629
Space

2.1% -46.1%
9.0% 6.9%
4.6%
-12.4%
15.1%
-12.6%
Y-o-Y
Direct
9.3%
30.3%
% Change
Vacancy
18.7%
4.7%
Rate

Direct
Sublease
1.9%
1,325,417
Available
Vacancy
0.0%
188,629
Space
Rate

350,687
4,355,977
652,840
25,930
Sublease
Total
4,949,889
756,155
Available
Available
78,603
0
Space
Space

9.0% 6.9%
-38.9%
4.4%
Y-o-Y
Direct
-10.1%
% 9.5%
Change
Vacancy
20.2%
2.9%
Rate

18.7%
$0.00
N/A
10.3%
N/A
0.0%

Total
Sublease
$44.01
11.2%
Vacancy
Wtd.
Avg.
$0.00
18.7%
Rate
Rental
Rate

0.8%
$41.47 -3.2%
$52.29
N/A
0.0%
$50.70 -1.7%
$45.39 0.6%
$37.45
-0.8%
$39.27
-2.2%
Y-o-Y
Total
$44.42
2.6%
%Wtd.
Pt. Change
Avg.
$41.47Rate
Rental
0.8%

$41.47
0.9%$52.29
-2.4%
N/A
N/A
2.4%$50.70
3.5%$45.55
$37.57
7.1%$39.26
2.5%
Y-o-Y
Direct
4.8%
$44.44
%Wtd.
Change
Avg.
0.9%$41.47
Rental
Rate

$41.02 9.8%
4.5%
$33.05
Sublease
Total
11.3%
$46.86
Wtd.
Vacancy
Avg.
2.9%
N/A
Rental
Rate
Rate

$45.39 0.6%
-2.9%
$45.59
Y-o-Y
Total
$56.31
%Wtd.
Pt.-1.4%
Change
Avg.
0.7%
$49.60
Rental
Rate

3.5%$45.55
$46.07
-1.0%
Y-o-Y
Direct
$57.23
1.2%
%Wtd.
Change
Avg.
$49.60
18.1%
Rental
Rate

4,460$0.00
95,522
N/A
0 N/A
104,554N/A
$41.02
2,056,916
598,145
$34.93
261,422
$39.48

-8.9%$44.42
-52.0%
$65.69
-14.1%
$37.75
$41.47
-35.0%
-29.4%
N/A
N/A$52.29

4.8%
(229,516)
(98,219)
24,094
6.2%13.8%
0.9%
(17,104)
39,616
N/A
0 -2.4%

0 0
410,378
112,947
27,506
(14,785)
0 0
Year-to-Date
Year-to-Date
335,191
(240,094)
0
0
Total Absorption
Leasing
0 0
Rate
Activity
0
0
48,967
(10,838)
33,126
21,876
0
0
117,239
(96,259)
0 0
112,947
410,378
0 0
46,086
25,616
46,841
(95,645)
(240,094)
335,191
0 0
358,347
42,599
95,522
43,403
0 0
48,967
(10,838)
0 0
104,554
43,236
21,876
33,126
117,239
(96,259)

261,422
(112,804)
0 0
598,145
(53,667)
46,086
25,616
765,422
(429,924)
(95,645)
46,841
358,347
42,599
4,460
(17,104)
043,403
095,522

N/A
53.2%
-35.5%
N/A Y-o-Y
-44.2%
% Change
N/A
N/A
N/A
347.1%
-43.6%
N/A
18.3%
N/A
53.2%
N/A
-36.7%
-52.0%
-44.2%
N/A
-14.1%
-29.4%
N/A
347.1%
N/A
-48.3%
18.3%-43.6%

N/A
-7.0%29.0%
-36.7%
-8.9%
-14.1%-52.0%
-35.0%
N/A -29.4%

0
108,286
(14,785)
0
Year-to-Date
(241,627)
0
Direct Absorptio
0
0 Rate
(10,838)
21,876
0
(64,448)
0
108,286
0
25,616
(98,219)
(241,627)
0
24,094
39,616
0
(10,838)
0
43,236
21,876
(64,448)

(117,724)
(40,361)
25,616 0
(229,516)
24,094(98,219)
(17,104)
0 39,616

Third
43,236
(491,176)
(40,361)
(117,724)

Sublease
Year-to-Date
765,422
$44.01
Wtd.
Avg.
Leasing
4,460Rate
$0.00
Rental
Activity

Third Quarter
2012
43,2362.4%
43,236
104,554
-48.3%
3.5%
2,056,916
-14.7%
(491,176)
(674,109)
(40,361)
7.1% 2.5%
598,145
(53,667)
-7.0%29.0%
(117,724)
(112,804)
261,422
Y-o-Y4.8%
Y-o-Y -8.9%
Year-to-Date
Year-to-Date
Year-to-Date
(229,516)
(429,924)
765,422
% Change
Leasing
Direct
Absorption
Total
Absorption % Change
(17,104)
(17,104)
4,460
Activity
Rate
Rate
0.9%
-35.0%

Year-to-Date
(229,516)
Direct Absorption
Rate(17,104)

2,056,916
$41.02
$33.05
834,563
Year-to-Date
Sublease
$46.86
1,723,865
Wtd.
Leasing
Avg.
N/ARate
12,135
Rental
Activity

-14.7%
$45.39
$45.59
-51.7%
Y-o-Y
Total
$56.31
-46.0%
%Wtd.
Change
Avg.
$49.60
-22.8%
Rental
Rate

(491,176)
3.5%
-1.0%
402,699
Y-o-Y
Year-to-Date
1.2%
% 88,725
Change
Direct
Absorption
18.1%
(70,695)
Rate

(491,176)
402,699
Year-to-Date
88,725
Direct Absorption
T
(70,695)
Rate

Third Quarter 2012

(674,109)
2,056,916
834,563
413,004
Year-to-Date
Year-to-Date
1,723,865
(174,660)
Total
Leasing
Absorption
12,135
(70,695)
Activity
Rate

-14.7%
-51.7%
Y-o-Y
% -46.0%
Change
-22.8%

61
27.3%

18,894,525
1,572,959

1,934,364
361,405

27.3%
8.3%

1,572,959
1.9%

361,405
10.2%

8.3%
2.3%

1.9%
$62.90

10.2%
$58.22

2.3%
$62.45

$62.90
2.2%

$58.22
670,633

$62.45
-34.3%

2.2%
(81,766)

670,633
(252,153)

-34.3%

(81,766)

-38.9%
83
30
18.6%

14,366,499
626,910
21,652,799
1,502,930

25,930
652,840
2,152,087
649,157

4.4%
-38.9%
18.6%
6.9%

626,910
0.2%
1,502,930
3.0%

4.5%
25,930
649,157
9.9%

-2.9%
4.4%
6.9%
1.6%

$46.07
0.2%
3.0%
$81.86

$33.05
4.5%
9.9%
$69.61

$45.59
-2.9%
1.6%
$79.30

-1.0%
$46.07
$81.86
0.9%

834,563
$33.05
$69.61
932,581

-51.7%
$45.59
$79.30
-3.9%

402,699
-1.0%
0.9%
267,942

834,563
413,004
932,581
(47,257)

-51.7%
-3.9%

402,699
267,942

43,970,528 Madison/
Grand Central
4,949,889
Fifth
24,670,627
3,805,516

-10.1%
137
121
11.3%

4,193,734
43,970,528
24,670,627
3,060,613

756,155
4,949,889
3,805,516
744,903

9.5%
-10.1%
11.3%
12.4%

4,193,734
1.7%
3,060,613
3.0%

11.3%
756,155
744,903
15.4%

-1.4%
9.5%
12.4%
1.6%

$57.23
1.7%
3.0%
$98.36

$46.86
11.3%
15.4%
$62.68

$56.31
-1.4%
1.6%
$95.01

$57.23
1.2%
$98.36
0.2%

1,723,865
$46.86
$62.68
1,233,318

-46.0%
$56.31
$95.01
-31.2%

88,725
1.2%
0.2%
(14,691)

1,723,865
(174,660)
1,233,318
(360,980)

-46.0%
-31.2%

88,725
(14,691)

2,669,648 United
Nations
78,603
6 Ave/ Rock
Cntr
40,154,243
4,213,786

20.2%
16
73
14.1%

2,669,648
78,603
40,154,243
3,024,241

78,603
0
4,213,786
1,189,545

2.9%
20.2%
14.1%
7.5%

0.0%
78,603
3,024,241
3.0%

2.9%
0
1,189,545
10.5%

0.7%
2.9%
7.5%
1.2%

$49.60
0.0%
3.0%
$78.04

N/A
2.9%
10.5%
$61.11

$49.60
0.7%
1.2%
$73.27

18.1%
$49.60
$78.04
6.7%

12,135
N/A
$61.11
1,379,667

-22.8%
$49.60
$73.27
-27.7%

(70,695)
18.1%
6.7%
(368,566)

12,135
(70,695)
1,379,667
(278,905)

-22.8%
-27.7%

(70,695)
(368,566)

18,894,525
Side 1,934,364
Westside
25,786,088 East
2,563,798

27.3%
61
71
14.8%

1,572,959
18,894,525
25,786,088
1,999,825

361,405
1,934,364
2,563,798
563,973

8.3%
27.3%
14.8%
7.8%

1,572,959
1.9%
1,999,825
2.2%

10.2%
361,405
563,973
9.9%

2.3%
8.3%
7.8%
1.1%

$62.90
1.9%
2.2%
$64.54

$58.22
10.2%
9.9%
$56.78

$62.45
2.3%
1.1%
$63.07

$62.90
2.2%
$64.54
5.0%

670,633
$58.22
$56.78
1,016,152

-34.3%
$62.45
$63.07
-50.8%

(81,766)
2.2%
5.0%
(60,858)

670,633
(252,153)
1,016,152
(172,043)

-34.3%
-50.8%

(81,766)
(60,858)

21,652,799
2,152,087
Penn Avenue
Station
14,591,335 Park
1,326,592

18.6%
30
45
-3.4%

1,502,930
21,652,799
14,591,335
1,268,518

649,157
2,152,087
1,326,592
58,074

6.9%
18.6%
-3.4%
8.7%

1,502,930
3.0%
1,268,518
0.4%

649,157
9.9%
58,074
9.1%

1.6%
6.9%
8.7%
-0.3%

$81.86
3.0%
0.4%
$45.59

$69.61
9.9%
9.1%
$45.02

$79.30
1.6%
-0.3%
$45.56

$81.86
0.9%
$45.59
8.3%

932,581
$69.61
$45.02
503,926

-3.9%
$79.30
$45.56
6.6%

267,942
0.9%
8.3%
(213,795)

932,581
(47,257)
503,926
(236,752)

-3.9%
6.6%

267,942
(213,795)

24,670,627
Fifth
3,805,516
Times Square
South
31,235,607 Madison/
3,383,268

11.3%
121
147
3.1%

3,060,613
24,670,627
31,235,607
2,948,046

744,903
3,805,516
3,383,268
435,222

12.4%
11.3%
3.1%
9.4%

3,060,613
3.0%
2,948,046
1.4%

15.4%
744,903
435,222
10.8%

1.6%
12.4%
9.4%
0.3%

$98.36
3.0%
1.4%
$54.70

$62.68
15.4%
10.8%
$51.55

$95.01
1.6%
0.3%
$54.53

$98.36
0.2%
$54.70
2.5%

1,233,318
$62.68
$51.55
1,391,347

-31.2%
$95.01
$54.53
-25.4%

(14,691)
0.2%
2.5%
(94,557)

1,233,318
(360,980)
1,391,347
(321,381)

-31.2%
-25.4%

(14,691)
(94,557)

40,154,243
Ave/ Rock
4,213,786
Cntr
Lincoln
Center
3,543,743 6
275,759

14.1%
73
15
47.1%

3,024,241
40,154,243
3,543,743
275,759

1,189,545
4,213,786
275,759
0

7.5%
14.1%
47.1%
7.8%

3,024,241
3.0%
275,759
0.0%

1,189,545
10.5%
0
7.8%

1.2%
7.5%
7.8%
2.5%

$78.04
3.0%
0.0%
$43.45

$61.11
10.5%
7.8%
N/A

$73.27
1.2%
2.5%
$43.45

$78.04
6.7%
$43.45
5.3%

1,379,667
$61.11
N/A
4,460

-27.7%
$73.27
$43.45
-69.7%

(368,566)
6.7%
5.3%
(46,704)

1,379,667
(278,905)
4,460
(46,704)

-27.7%
-69.7%

(368,566)
(46,704)

25,786,088 Westside 2,563,798

Totals
241,535,642
25,336,502
14,591,335 Penn
Station
1,326,592

14.8%
71
799
4.8%
-3.4%
45

1,999,825
25,786,088
241,535,642
20,552,138
1,268,518
14,591,335

563,973
2,563,798
25,336,502
4,784,364
1,326,592
58,074

7.8%
14.8%
4.8%
8.5%
8.7%
-3.4%

1,999,825
2.2%
20,552,138
2.0%
1,268,518
0.4%

563,973
9.9%
4,784,364
10.5%
9.1%
58,074

1.1%
7.8%
8.5%
0.5%
-0.3%
8.7%

$64.54
2.2%
2.0%
$67.61
$45.59
0.4%

$56.78
9.9%
10.5%
$58.65
$45.02
9.1%

$63.07
1.1%
0.5%
$66.42
$45.56
-0.3%

$64.54
5.0%
$67.61
3.7%
$45.59
8.3%

1,016,152
$56.78
$58.65
9,702,647
503,926
$45.02

-50.8%
$63.07
$66.42
-35.5%
$45.56
6.6%

(60,858)
5.0%
3.7%
(192,266)
(213,795)
8.3%

1,016,152
(172,043)
9,702,647
(1,548,526)
503,926
(236,752)

-50.8%
-35.5%
6.6%

(60,858)
(192,266)
(213,795)

31,235,607 Times Square

3,383,268
South

3.1%
147

2,948,046
31,235,607

435,222
3,383,268

9.4%
3.1%

2,948,046
1.4%

10.8%
435,222

0.3%
9.4%

$54.70
1.4%

$51.55
10.8%

$54.53
0.3%

$54.70
2.5%

1,391,347
$51.55

-25.4%
$54.53

(94,557)
2.5%

1,391,347
(321,381)

-25.4%

(94,557)

3,543,743 Lincoln Center

275,759

47.1%
15

275,759
3,543,743

275,759
0

7.8%
47.1%

275,759
0.0%

-69.7%
$43.45
5.3%
4,460
(46,704)
-69.7%
-1.548,526:
Thanks in(46,704)
part to a wave
of Midtown
tenants
throwing
space
onto
the
submarket
9,702,647
$58.65
-35.5%
$66.42
(192,266)
3.7%
9,702,647
(1,548,526)
-35.5%
the most since the first quarter of 2010, to
be precisethe year-to-date absorption rate
softened. Thats a huge number, said Mr. McCarthy. It points to the fact that what weve seen
in Midtown has been an increase in the amount
of space on the market. Midtown is soft, and its
been softening all throughout the year.

(46,704)

241,535,642 Totals 25,336,502

Source: Cushman and Wakefield Research Services

20|NOVEMBER 6, 2012|THE COMMERCIAL OBSERVER

0.0%
7.8%
2.5%
5.3%
10.5%: The$43.45
vacancy
rateN/A
in Midtown$43.45
is
up a half a$43.45
percentage
point
from
the
same
time
last
year.
When
0.5%
8.5%
$67.61
2.0%
$58.65
10.5%
$66.42
0.5%
$67.61
3.7%
all is said and done, however, its good to put the
numbers in perspective. I mean, the truth is that
10.5 percent isnt high if youre looking across the
country, said Mr. McCarthy. And in this cycle alone,
we peaked at 12.5 percent in Midtown, back in the
first quarter of 2010. So even though it has come up
somewhat, it has been low by a lot of metrics.
2.5%
7.8%

4,460
N/A

Third Q

18,894,525 East Side 1,934,364

7.8%
0

-48.3%
$50.70
$45.39
-14.7%
-7.0%
$37.45
29.0%
$39.27
Y-o-Y
Total
-8.9%
$44.42
%Wtd.
Change
Avg.
-35.0%
Rental
Rate
$41.47

14,366,499
Hill
652,840
Park Avenue
21,652,799 Murray
2,152,087

Grand Central: With 44 million square feet of office space tucked into 137
4.8%
799
20,552,138
241,535,642
4,784,364
25,336,502
8.5%
4.8%
20,552,138
2.0%
4,784,364
10.5%
buildings across all three asset classes, the Grand Central submarket is not
only Midtowns largest, but also the most active. At 11.3 percent, the total
Only
space
can be
occupied within six months from the end of the current month is included in statistics.
hin six months from the end of theNOTE:
current
month
is that
included
in statistics.
vacancy rate in Grand Central decreased by 1.4 percent, even as average
Source: Cushman and Wakefield Research Services
Services
rental rates saw a slight uptick. Between Grand Central and Sixth Avenue,
those are the big corporate markets, and Grand Central is a huge market
hin six months from the end of theNOTE:
current
Only
month
space
is that
included
can be
in statistics.
occupied
months
from the end of the
current
month
is included in statistics.
withwithin
lotssixof
buildings,
said
Mr.
McCarthy.

Services

-5.5% 3.5%
Y-o-Y
9.4%
-2.1%Direct
% Pt. Change
Vacancy
1.1% Rate
4.2%
2.8% 8.7%

Rate
Rental Rate

Direct
Sublease
2.0%
$58.48
Wtd. Avg.
Vacancy
0.0%
$49.60
Rental
Rate
Rate
$63.11 2.0%

180,995,042
Totals
20,175,943
5.2% 320
15,812,465
180,995,042 4,363,478
20,175,943
Hill67,250
22
1,070,823
67,250
1,070,823 MurrayTotal
-15.6%
60,650
6,600
Y-o-Y
Total
Direct
Sublease
Y-o-Y
% Change
Total
Direct
Sublease
Total
Available
Number
of Available
Available
Available
Grand
Central
5
272,576
272,576 MIDTOWN
0
N/A
0
00
CE
MARKET
NEW
YORK
OFFICE
MARKET
%Number
Change
Available
Available
Available
Available
f Inventory
of
Space
Buildings
Space
Space
Space
Submarket
Inventory

United
Nations
0
0
N/A
00
00
Space
Space
Space
Buildings
0
Inventory
Submarket
Inventory
Class
B Space
Statistical
Summary
N/A2
-5.8% 51
-15.6%
0
N/A22
Y-o-Y
25.5% 64
% Change
0
N/A5
Number
of
7
N/ABuildings
165.6%
N/A0
7
-60.4% 22

Total
Sublease
722,152
11.3%
Vacancy
Available
0
4.2%Space
Rate
10.7%361,405

Rate

MIDTOWN
YORK2.0%
MIDTOWN
OFFICE
MARKETYORK
THIRD
OFFICE
QUARTER
MARKETTHIRD
QUARTER
2,293,846NEW
13.9%
1,761,684
532,162 NEW
8.6%
2.6%
11.2% 2012
1.1%
$67.46
$56.78 2012
$65.24
532,162
8.6% 32.8%
2.6%
11.2%
1.1% 8.7%
$67.46
$56.78
$65.24 2.8%
5.0%$63.11
794,359
-55.0%
361,405
1,901,414
8.7%
1,540,009
10.7%
361,405
2.8%
$63.11
2.0%
$58.22
10.7%
$62.63
1.6%
637,507
$58.22
-33.7%
$62.63

6,576,415

43,000 East Side

0
Murray
Hill
6,396,473
346,126
1,070,823
Murray
Hill67,250
Park
Avenue
0
0
Total
Grand816,585
Central
7,270,513
272,576
Grand
Central
Madison/
Fifth0
0
Available
United Nations
810,198
0
Space
Submarket
Inventory
0
United
Nations
0
6 Ave/ Rock
Cntr
368,885
45,854
East Side
1,110,473
32,950

Sublease
Direct
3,411,152
2.0%
Vacancy
Available
78,603
0.0%Space
Rate
1,540,009
2.0%

NEW YORK
MARKETMIDTOWN NEW YORK MIDTOWN
OFFICE MARKETTHIRDOFFICE
QUARTER
2012 THIRD QUARTER 2012

Lincoln
Center
5
2,478,234
2,478,234
87,130
87,130
38,003,977
6
Ave/3,984,186
Rock
Cntr NEW1097.2%
15.6% 41
2,794,641
38,003,977
MIDTOWN
YORK
OFFICE
MARKET
FFICE
MARKET
20,435,166
Westside
2,293,846
13.9% 28
1,761,684
20,435,166
Class
C
Statistical
Summary
Totals
180,995,042
180,995,042
20,175,943
5.2% 320
15,812,465

Rate

Th

(192,266)