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22 | JANUARY 8, 2013  | THE COMMERCIAL OBSERVER

POSTINGS
MIDTOWN SOUTH NEW YORK OFFICE MARKET - FOURTH QUARTER 2012
MIDTOWN SOUTH NEW YORK OFFICE MARKET
Class A Statistical Summary
Submarket
Number of
Buildings Inventory
Total
Available
Space
Y-o-Y
% Change

Direct
Available
Space
Sublease
Available
Space
Direct
Vacancy
Rate
Sublease
Vacancy
Rate
Total
Vacancy
Rate
Y-o-Y
% Pt. Change

Direct
Wtd. Avg.
Rental Rate
Sublease
Wtd. Avg.
Rental Rate
Total
Wtd. Avg.
Rental Rate
Y-o-Y
% Change

Year-to-Date
Leasing
Activity
Y-o-Y
% Change

Year-to-Date
Direct Absorption
Rate
Year-to-Date
Total Absorption
Rate
SoHo 0 0 0 N/A 0 0 0.0% 0.0% 0.0% N/A $0.00 $0.00 $0.00 N/A 0 N/A 0 0
Greenwich/NoHo 1 120,000 0 N/A 0 0 0.0% 0.0% 0.0% N/A $0.00 $0.00 $0.00 N/A 0 N/A 0 0
Madison/Union Square 17 9,372,050 424,571 106.0% 366,661 57,910 3.9% 0.6% 4.5% 2.2% $48.00 $39.07 $43.49 -4.8% 370,195 8.2% (134,478) (128,638)
Hudson Sq./W. Village 7 2,102,656 260,416 -41.4% 260,416 0 12.4% 0.0% 12.4% -5.5% $72.91 $0.00 $72.91 16.0% 232,412 -43.3% 188,250 188,250
Chelsea 2 2,788,000 0 N/A 0 0 0.0% 0.0% 0.0% 0.0% $0.00 $0.00 $0.00 N/A 63,285 334.9% 0 0
Totals 27 14,382,706 684,987 5.3% 627,077 57,910 4.4% 0.4% 4.8% 0.2% $68.26 $39.07 $63.59 10.7% 665,892 -13.1% 53,772 59,612
MIDTOWN SOUTH NEW YORK OFFICE MARKET
Class B Statistical Summary
Submarket
Number of
Buildings Inventory
Total
Available
Space
Y-o-Y
% Change

Direct
Available
Space
Sublease
Available
Space
Direct
Vacancy
Rate
Sublease
Vacancy
Rate
Total
Vacancy
Rate
Y-o-Y
% Pt. Change

Direct
Wtd. Avg.
Rental Rate
Sublease
Wtd. Avg.
Rental Rate
Total
Wtd. Avg.
Rental Rate
Y-o-Y
% Change

Year-to-Date
Leasing
Activity
Y-o-Y
% Change

Year-to-Date
Direct Absorption
Rate
Year-to-Date
Total Absorption
Rate

SoHo 11 1,113,748 6,394 -19.1% 4,782 1,612 0.4% 0.1% 0.6% -0.1% $43.18 $0.00 $43.18 -6.7% 31,244 -47.3% 15,441 13,829
Greenwich/NoHo 18 3,121,328 172,903 418.7% 160,483 12,420 5.1% 0.4% 5.5% 4.4% $60.56 $0.00 $60.56 30.9% 59,307 -64.4% (120,322) (132,742)
Madison/Union Square 125 16,210,488 1,344,891 13.1% 1,147,154 197,737 7.1% 1.2% 8.3% 1.3% $49.77 $46.54 $49.39 5.4% 1,391,841 2.0% 35,103 (30,679)
Hudson Sq./W. Village 11 3,348,220 214,062 114.4% 120,166 93,896 3.6% 2.8% 6.4% 3.4% $56.18 $55.99 $56.10 37.6% 306,827 -19.8% 29,724 32,785
Chelsea 21 5,674,398 403,065 59.8% 305,238 97,827 5.4% 1.7% 7.1% 2.6% $57.61 $39.15 $55.27 32.2% 440,055 32.9% (26,292) (55,182)
Totals 186 29,468,182 2,141,315 35.3% 1,737,823 403,492 5.9% 1.4% 7.3% 2.0% $52.57 $48.93 $52.03 14.3% 2,229,274 -3.2% (66,346) (171,989)
MIDTOWN SOUTH NEW YORK OFFICE MARKET
Class C Statistical Summary
Submarket
Number of
Buildings Inventory
Total
Available
Space
Y-o-Y
% Change

Direct
Available
Space
Sublease
Available
Space
Direct
Vacancy
Rate
Sublease
Vacancy
Rate
Total
Vacancy
Rate
Y-o-Y
% Pt. Change

Direct
Wtd. Avg.
Rental Rate
Sublease
Wtd. Avg.
Rental Rate
Total
Wtd. Avg.
Rental Rate
Y-o-Y
% Change

Year-to-Date
Leasing
Activity
Y-o-Y
% Change

Year-to-Date
Direct Absorption
Rate
Year-to-Date
Total Absorption
Rate
SoHo 36 2,972,906 121,016 71.1% 99,855 21,161 3.4% 0.7% 4.1% 1.6% $47.27 $50.03 $47.45 -0.7% 266,301 35.9% 8,607 (4,135)
Greenwich/NoHo 18 1,429,050 203,155 -22.0% 203,155 0 14.2% 0.0% 14.2% -4.0% $39.83 $0.00 $39.83 10.6% 72,257 -1.9% 26,602 54,912
Madison/Union Square 79 5,609,860 138,437 -24.8% 118,577 19,860 2.1% 0.4% 2.5% -0.8% $38.26 $0.00 $38.26 15.2% 247,320 -45.4% 77,099 59,739
Hudson Sq./W. Village 23 4,803,110 920,488 -0.9% 910,488 10,000 19.0% 0.2% 19.2% -0.2% $45.17 $32.00 $45.03 1.9% 319,758 2.5% (20,865) (7,975)
Chelsea 61 6,569,681 391,680 -23.6% 378,468 13,212 5.8% 0.2% 6.0% -2.0% $44.48 $37.41 $44.21 2.2% 274,300 -17.3% (36,444) (47,598)
Totals 217 21,384,607 1,774,776 -9.3% 1,710,543 64,233 8.0% 0.3% 8.3% -1.0% $43.98 $37.92 $43.88 5.8% 1,179,936 -13.6% 54,999 54,943
MIDTOWN SOUTH NEW YORK OFFICE MARKET
Overall Statistical Summary
Submarket
Number of
Buildings Inventory
Total
Available
Space
Y-o-Y
% Change

Direct
Available
Space
Sublease
Available
Space
Direct
Vacancy
Rate
Sublease
Vacancy
Rate
Total
Vacancy
Rate
Y-o-Y
% Pt. Change

Direct
Wtd. Avg.
Rental Rate
Sublease
Wtd. Avg.
Rental Rate
Total
Wtd. Avg.
Rental Rate
Y-o-Y
% Change

Year-to-Date
Leasing
Activity
Y-o-Y
% Change

Year-to-Date
Direct Absorption
Rate
Year-to-Date
Total Absorption
Rate
SoHo 47 4,086,654 127,410 62.1% 104,637 22,773 2.6% 0.6% 3.1% 1.1% $47.04 $50.03 $47.22 -0.9% 297,545 16.6% 24,048 9,694
Greenwich/Noho 37 4,670,378 376,058 28.0% 363,638 12,420 7.8% 0.3% 8.1% 1.6% $48.62 $0.00 $48.62 31.6% 131,564 -45.2% (93,720) (77,830)
Madison/Union Square 221 31,192,398 1,907,899 20.8% 1,632,392 275,507 5.2% 0.9% 6.1% 1.1% $48.53 $44.26 $47.93 6.1% 2,009,356 -6.9% (22,276) (99,578)
Hudson Sq./W. Village 41 10,253,986 1,394,966 -5.3% 1,291,070 103,896 12.6% 1.0% 13.6% -0.2% $51.58 $53.68 $51.74 4.3% 858,997 -22.2% 197,109 213,060
Chelsea 84 15,032,079 794,745 3.9% 683,706 111,039 4.5% 0.7% 5.3% 0.1% $50.95 $38.77 $49.93 19.3% 777,640 14.8% (62,736) (102,780)
Totals 430 65,235,495 4,601,078 9.8% 4,075,443 525,635 6.2% 0.8% 7.1% 0.6% $50.02 $46.46 $49.69 8.3% 4,075,102 -8.1% 42,425 (57,434)
Fourth Quarter 2012
Fourth Quarter 2012
Fourth Quarter 2012
Fourth Quarter 2012
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
MIDTOWN SOUTH NEW YORK OFFICE MARKET - FOURTH QUARTER 2012
MIDTOWN SOUTH NEW YORK OFFICE MARKET
Class A Statistical Summary
Submarket
Number of
Buildings Inventory
Total
Available
Space
Y-o-Y
% Change

Direct
Available
Space
Sublease
Available
Space
Direct
Vacancy
Rate
Sublease
Vacancy
Rate
Total
Vacancy
Rate
Y-o-Y
% Pt. Change

Direct
Wtd. Avg.
Rental Rate
Sublease
Wtd. Avg.
Rental Rate
Total
Wtd. Avg.
Rental Rate
Y-o-Y
% Change

Year-to-Date
Leasing
Activity
Y-o-Y
% Change

Year-to-Date
Direct Absorption
Rate
Year-to-Date
Total Absorption
Rate
SoHo 0 0 0 N/A 0 0 0.0% 0.0% 0.0% N/A $0.00 $0.00 $0.00 N/A 0 N/A 0 0
Greenwich/NoHo 1 120,000 0 N/A 0 0 0.0% 0.0% 0.0% N/A $0.00 $0.00 $0.00 N/A 0 N/A 0 0
Madison/Union Square 17 9,372,050 424,571 106.0% 366,661 57,910 3.9% 0.6% 4.5% 2.2% $48.00 $39.07 $43.49 -4.8% 370,195 8.2% (134,478) (128,638)
Hudson Sq./W. Village 7 2,102,656 260,416 -41.4% 260,416 0 12.4% 0.0% 12.4% -5.5% $72.91 $0.00 $72.91 16.0% 232,412 -43.3% 188,250 188,250
Chelsea 2 2,788,000 0 N/A 0 0 0.0% 0.0% 0.0% 0.0% $0.00 $0.00 $0.00 N/A 63,285 334.9% 0 0
Totals 27 14,382,706 684,987 5.3% 627,077 57,910 4.4% 0.4% 4.8% 0.2% $68.26 $39.07 $63.59 10.7% 665,892 -13.1% 53,772 59,612
MIDTOWN SOUTH NEW YORK OFFICE MARKET
Class B Statistical Summary
Submarket
Number of
Buildings Inventory
Total
Available
Space
Y-o-Y
% Change

Direct
Available
Space
Sublease
Available
Space
Direct
Vacancy
Rate
Sublease
Vacancy
Rate
Total
Vacancy
Rate
Y-o-Y
% Pt. Change

Direct
Wtd. Avg.
Rental Rate
Sublease
Wtd. Avg.
Rental Rate
Total
Wtd. Avg.
Rental Rate
Y-o-Y
% Change

Year-to-Date
Leasing
Activity
Y-o-Y
% Change

Year-to-Date
Direct Absorption
Rate
Year-to-Date
Total Absorption
Rate

SoHo 11 1,113,748 6,394 -19.1% 4,782 1,612 0.4% 0.1% 0.6% -0.1% $43.18 $0.00 $43.18 -6.7% 31,244 -47.3% 15,441 13,829
Greenwich/NoHo 18 3,121,328 172,903 418.7% 160,483 12,420 5.1% 0.4% 5.5% 4.4% $60.56 $0.00 $60.56 30.9% 59,307 -64.4% (120,322) (132,742)
Madison/Union Square 125 16,210,488 1,344,891 13.1% 1,147,154 197,737 7.1% 1.2% 8.3% 1.3% $49.77 $46.54 $49.39 5.4% 1,391,841 2.0% 35,103 (30,679)
Hudson Sq./W. Village 11 3,348,220 214,062 114.4% 120,166 93,896 3.6% 2.8% 6.4% 3.4% $56.18 $55.99 $56.10 37.6% 306,827 -19.8% 29,724 32,785
Chelsea 21 5,674,398 403,065 59.8% 305,238 97,827 5.4% 1.7% 7.1% 2.6% $57.61 $39.15 $55.27 32.2% 440,055 32.9% (26,292) (55,182)
Totals 186 29,468,182 2,141,315 35.3% 1,737,823 403,492 5.9% 1.4% 7.3% 2.0% $52.57 $48.93 $52.03 14.3% 2,229,274 -3.2% (66,346) (171,989)
MIDTOWN SOUTH NEW YORK OFFICE MARKET
Class C Statistical Summary
Submarket
Number of
Buildings Inventory
Total
Available
Space
Y-o-Y
% Change

Direct
Available
Space
Sublease
Available
Space
Direct
Vacancy
Rate
Sublease
Vacancy
Rate
Total
Vacancy
Rate
Y-o-Y
% Pt. Change

Direct
Wtd. Avg.
Rental Rate
Sublease
Wtd. Avg.
Rental Rate
Total
Wtd. Avg.
Rental Rate
Y-o-Y
% Change

Year-to-Date
Leasing
Activity
Y-o-Y
% Change

Year-to-Date
Direct Absorption
Rate
Year-to-Date
Total Absorption
Rate
SoHo 36 2,972,906 121,016 71.1% 99,855 21,161 3.4% 0.7% 4.1% 1.6% $47.27 $50.03 $47.45 -0.7% 266,301 35.9% 8,607 (4,135)
Greenwich/NoHo 18 1,429,050 203,155 -22.0% 203,155 0 14.2% 0.0% 14.2% -4.0% $39.83 $0.00 $39.83 10.6% 72,257 -1.9% 26,602 54,912
Madison/Union Square 79 5,609,860 138,437 -24.8% 118,577 19,860 2.1% 0.4% 2.5% -0.8% $38.26 $0.00 $38.26 15.2% 247,320 -45.4% 77,099 59,739
Hudson Sq./W. Village 23 4,803,110 920,488 -0.9% 910,488 10,000 19.0% 0.2% 19.2% -0.2% $45.17 $32.00 $45.03 1.9% 319,758 2.5% (20,865) (7,975)
Chelsea 61 6,569,681 391,680 -23.6% 378,468 13,212 5.8% 0.2% 6.0% -2.0% $44.48 $37.41 $44.21 2.2% 274,300 -17.3% (36,444) (47,598)
Totals 217 21,384,607 1,774,776 -9.3% 1,710,543 64,233 8.0% 0.3% 8.3% -1.0% $43.98 $37.92 $43.88 5.8% 1,179,936 -13.6% 54,999 54,943
MIDTOWN SOUTH NEW YORK OFFICE MARKET
Overall Statistical Summary
Submarket
Number of
Buildings Inventory
Total
Available
Space
Y-o-Y
% Change

Direct
Available
Space
Sublease
Available
Space
Direct
Vacancy
Rate
Sublease
Vacancy
Rate
Total
Vacancy
Rate
Y-o-Y
% Pt. Change

Direct
Wtd. Avg.
Rental Rate
Sublease
Wtd. Avg.
Rental Rate
Total
Wtd. Avg.
Rental Rate
Y-o-Y
% Change

Year-to-Date
Leasing
Activity
Y-o-Y
% Change

Year-to-Date
Direct Absorption
Rate
Year-to-Date
Total Absorption
Rate
SoHo 47 4,086,654 127,410 62.1% 104,637 22,773 2.6% 0.6% 3.1% 1.1% $47.04 $50.03 $47.22 -0.9% 297,545 16.6% 24,048 9,694
Greenwich/Noho 37 4,670,378 376,058 28.0% 363,638 12,420 7.8% 0.3% 8.1% 1.6% $48.62 $0.00 $48.62 31.6% 131,564 -45.2% (93,720) (77,830)
Madison/Union Square 221 31,192,398 1,907,899 20.8% 1,632,392 275,507 5.2% 0.9% 6.1% 1.1% $48.53 $44.26 $47.93 6.1% 2,009,356 -6.9% (22,276) (99,578)
Hudson Sq./W. Village 41 10,253,986 1,394,966 -5.3% 1,291,070 103,896 12.6% 1.0% 13.6% -0.2% $51.58 $53.68 $51.74 4.3% 858,997 -22.2% 197,109 213,060
Chelsea 84 15,032,079 794,745 3.9% 683,706 111,039 4.5% 0.7% 5.3% 0.1% $50.95 $38.77 $49.93 19.3% 777,640 14.8% (62,736) (102,780)
Totals 430 65,235,495 4,601,078 9.8% 4,075,443 525,635 6.2% 0.8% 7.1% 0.6% $50.02 $46.46 $49.69 8.3% 4,075,102 -8.1% 42,425 (57,434)
Fourth Quarter 2012
Fourth Quarter 2012
Fourth Quarter 2012
Fourth Quarter 2012
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
MIDTOWN SOUTH NEW YORK OFFICE MARKET - FOURTH QUARTER 2012
MIDTOWN SOUTH NEW YORK OFFICE MARKET
Class A Statistical Summary
Submarket
Number of
Buildings Inventory
Total
Available
Space
Y-o-Y
% Change

Direct
Available
Space
Sublease
Available
Space
Direct
Vacancy
Rate
Sublease
Vacancy
Rate
Total
Vacancy
Rate
Y-o-Y
% Pt. Change

Direct
Wtd. Avg.
Rental Rate
Sublease
Wtd. Avg.
Rental Rate
Total
Wtd. Avg.
Rental Rate
Y-o-Y
% Change

Year-to-Date
Leasing
Activity
Y-o-Y
% Change

Year-to-Date
Direct Absorption
Rate
Year-to-Date
Total Absorption
Rate
SoHo 0 0 0 N/A 0 0 0.0% 0.0% 0.0% N/A $0.00 $0.00 $0.00 N/A 0 N/A 0 0
Greenwich/NoHo 1 120,000 0 N/A 0 0 0.0% 0.0% 0.0% N/A $0.00 $0.00 $0.00 N/A 0 N/A 0 0
Madison/Union Square 17 9,372,050 424,571 106.0% 366,661 57,910 3.9% 0.6% 4.5% 2.2% $48.00 $39.07 $43.49 -4.8% 370,195 8.2% (134,478) (128,638)
Hudson Sq./W. Village 7 2,102,656 260,416 -41.4% 260,416 0 12.4% 0.0% 12.4% -5.5% $72.91 $0.00 $72.91 16.0% 232,412 -43.3% 188,250 188,250
Chelsea 2 2,788,000 0 N/A 0 0 0.0% 0.0% 0.0% 0.0% $0.00 $0.00 $0.00 N/A 63,285 334.9% 0 0
Totals 27 14,382,706 684,987 5.3% 627,077 57,910 4.4% 0.4% 4.8% 0.2% $68.26 $39.07 $63.59 10.7% 665,892 -13.1% 53,772 59,612
MIDTOWN SOUTH NEW YORK OFFICE MARKET
Class B Statistical Summary
Submarket
Number of
Buildings Inventory
Total
Available
Space
Y-o-Y
% Change

Direct
Available
Space
Sublease
Available
Space
Direct
Vacancy
Rate
Sublease
Vacancy
Rate
Total
Vacancy
Rate
Y-o-Y
% Pt. Change

Direct
Wtd. Avg.
Rental Rate
Sublease
Wtd. Avg.
Rental Rate
Total
Wtd. Avg.
Rental Rate
Y-o-Y
% Change

Year-to-Date
Leasing
Activity
Y-o-Y
% Change

Year-to-Date
Direct Absorption
Rate
Year-to-Date
Total Absorption
Rate

SoHo 11 1,113,748 6,394 -19.1% 4,782 1,612 0.4% 0.1% 0.6% -0.1% $43.18 $0.00 $43.18 -6.7% 31,244 -47.3% 15,441 13,829
Greenwich/NoHo 18 3,121,328 172,903 418.7% 160,483 12,420 5.1% 0.4% 5.5% 4.4% $60.56 $0.00 $60.56 30.9% 59,307 -64.4% (120,322) (132,742)
Madison/Union Square 125 16,210,488 1,344,891 13.1% 1,147,154 197,737 7.1% 1.2% 8.3% 1.3% $49.77 $46.54 $49.39 5.4% 1,391,841 2.0% 35,103 (30,679)
Hudson Sq./W. Village 11 3,348,220 214,062 114.4% 120,166 93,896 3.6% 2.8% 6.4% 3.4% $56.18 $55.99 $56.10 37.6% 306,827 -19.8% 29,724 32,785
Chelsea 21 5,674,398 403,065 59.8% 305,238 97,827 5.4% 1.7% 7.1% 2.6% $57.61 $39.15 $55.27 32.2% 440,055 32.9% (26,292) (55,182)
Totals 186 29,468,182 2,141,315 35.3% 1,737,823 403,492 5.9% 1.4% 7.3% 2.0% $52.57 $48.93 $52.03 14.3% 2,229,274 -3.2% (66,346) (171,989)
MIDTOWN SOUTH NEW YORK OFFICE MARKET
Class C Statistical Summary
Submarket
Number of
Buildings Inventory
Total
Available
Space
Y-o-Y
% Change

Direct
Available
Space
Sublease
Available
Space
Direct
Vacancy
Rate
Sublease
Vacancy
Rate
Total
Vacancy
Rate
Y-o-Y
% Pt. Change

Direct
Wtd. Avg.
Rental Rate
Sublease
Wtd. Avg.
Rental Rate
Total
Wtd. Avg.
Rental Rate
Y-o-Y
% Change

Year-to-Date
Leasing
Activity
Y-o-Y
% Change

Year-to-Date
Direct Absorption
Rate
Year-to-Date
Total Absorption
Rate
SoHo 36 2,972,906 121,016 71.1% 99,855 21,161 3.4% 0.7% 4.1% 1.6% $47.27 $50.03 $47.45 -0.7% 266,301 35.9% 8,607 (4,135)
Greenwich/NoHo 18 1,429,050 203,155 -22.0% 203,155 0 14.2% 0.0% 14.2% -4.0% $39.83 $0.00 $39.83 10.6% 72,257 -1.9% 26,602 54,912
Madison/Union Square 79 5,609,860 138,437 -24.8% 118,577 19,860 2.1% 0.4% 2.5% -0.8% $38.26 $0.00 $38.26 15.2% 247,320 -45.4% 77,099 59,739
Hudson Sq./W. Village 23 4,803,110 920,488 -0.9% 910,488 10,000 19.0% 0.2% 19.2% -0.2% $45.17 $32.00 $45.03 1.9% 319,758 2.5% (20,865) (7,975)
Chelsea 61 6,569,681 391,680 -23.6% 378,468 13,212 5.8% 0.2% 6.0% -2.0% $44.48 $37.41 $44.21 2.2% 274,300 -17.3% (36,444) (47,598)
Totals 217 21,384,607 1,774,776 -9.3% 1,710,543 64,233 8.0% 0.3% 8.3% -1.0% $43.98 $37.92 $43.88 5.8% 1,179,936 -13.6% 54,999 54,943
MIDTOWN SOUTH NEW YORK OFFICE MARKET
Overall Statistical Summary
Submarket
Number of
Buildings Inventory
Total
Available
Space
Y-o-Y
% Change

Direct
Available
Space
Sublease
Available
Space
Direct
Vacancy
Rate
Sublease
Vacancy
Rate
Total
Vacancy
Rate
Y-o-Y
% Pt. Change

Direct
Wtd. Avg.
Rental Rate
Sublease
Wtd. Avg.
Rental Rate
Total
Wtd. Avg.
Rental Rate
Y-o-Y
% Change

Year-to-Date
Leasing
Activity
Y-o-Y
% Change

Year-to-Date
Direct Absorption
Rate
Year-to-Date
Total Absorption
Rate
SoHo 47 4,086,654 127,410 62.1% 104,637 22,773 2.6% 0.6% 3.1% 1.1% $47.04 $50.03 $47.22 -0.9% 297,545 16.6% 24,048 9,694
Greenwich/Noho 37 4,670,378 376,058 28.0% 363,638 12,420 7.8% 0.3% 8.1% 1.6% $48.62 $0.00 $48.62 31.6% 131,564 -45.2% (93,720) (77,830)
Madison/Union Square 221 31,192,398 1,907,899 20.8% 1,632,392 275,507 5.2% 0.9% 6.1% 1.1% $48.53 $44.26 $47.93 6.1% 2,009,356 -6.9% (22,276) (99,578)
Hudson Sq./W. Village 41 10,253,986 1,394,966 -5.3% 1,291,070 103,896 12.6% 1.0% 13.6% -0.2% $51.58 $53.68 $51.74 4.3% 858,997 -22.2% 197,109 213,060
Chelsea 84 15,032,079 794,745 3.9% 683,706 111,039 4.5% 0.7% 5.3% 0.1% $50.95 $38.77 $49.93 19.3% 777,640 14.8% (62,736) (102,780)
Totals 430 65,235,495 4,601,078 9.8% 4,075,443 525,635 6.2% 0.8% 7.1% 0.6% $50.02 $46.46 $49.69 8.3% 4,075,102 -8.1% 42,425 (57,434)
Fourth Quarter 2012
Fourth Quarter 2012
Fourth Quarter 2012
Fourth Quarter 2012
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
MIDTOWN SOUTH NEW YORK OFFICE MARKET - FOURTH QUARTER 2012
MIDTOWN SOUTH NEW YORK OFFICE MARKET
Class A Statistical Summary
Submarket
Number of
Buildings Inventory
Total
Available
Space
Y-o-Y
% Change

Direct
Available
Space
Sublease
Available
Space
Direct
Vacancy
Rate
Sublease
Vacancy
Rate
Total
Vacancy
Rate
Y-o-Y
% Pt. Change

Direct
Wtd. Avg.
Rental Rate
Sublease
Wtd. Avg.
Rental Rate
Total
Wtd. Avg.
Rental Rate
Y-o-Y
% Change

Year-to-Date
Leasing
Activity
Y-o-Y
% Change

Year-to-Date
Direct Absorption
Rate
Year-to-Date
Total Absorption
Rate
SoHo 0 0 0 N/A 0 0 0.0% 0.0% 0.0% N/A $0.00 $0.00 $0.00 N/A 0 N/A 0 0
Greenwich/NoHo 1 120,000 0 N/A 0 0 0.0% 0.0% 0.0% N/A $0.00 $0.00 $0.00 N/A 0 N/A 0 0
Madison/Union Square 17 9,372,050 424,571 106.0% 366,661 57,910 3.9% 0.6% 4.5% 2.2% $48.00 $39.07 $43.49 -4.8% 370,195 8.2% (134,478) (128,638)
Hudson Sq./W. Village 7 2,102,656 260,416 -41.4% 260,416 0 12.4% 0.0% 12.4% -5.5% $72.91 $0.00 $72.91 16.0% 232,412 -43.3% 188,250 188,250
Chelsea 2 2,788,000 0 N/A 0 0 0.0% 0.0% 0.0% 0.0% $0.00 $0.00 $0.00 N/A 63,285 334.9% 0 0
Totals 27 14,382,706 684,987 5.3% 627,077 57,910 4.4% 0.4% 4.8% 0.2% $68.26 $39.07 $63.59 10.7% 665,892 -13.1% 53,772 59,612
MIDTOWN SOUTH NEW YORK OFFICE MARKET
Class B Statistical Summary
Submarket
Number of
Buildings Inventory
Total
Available
Space
Y-o-Y
% Change

Direct
Available
Space
Sublease
Available
Space
Direct
Vacancy
Rate
Sublease
Vacancy
Rate
Total
Vacancy
Rate
Y-o-Y
% Pt. Change

Direct
Wtd. Avg.
Rental Rate
Sublease
Wtd. Avg.
Rental Rate
Total
Wtd. Avg.
Rental Rate
Y-o-Y
% Change

Year-to-Date
Leasing
Activity
Y-o-Y
% Change

Year-to-Date
Direct Absorption
Rate
Year-to-Date
Total Absorption
Rate

SoHo 11 1,113,748 6,394 -19.1% 4,782 1,612 0.4% 0.1% 0.6% -0.1% $43.18 $0.00 $43.18 -6.7% 31,244 -47.3% 15,441 13,829
Greenwich/NoHo 18 3,121,328 172,903 418.7% 160,483 12,420 5.1% 0.4% 5.5% 4.4% $60.56 $0.00 $60.56 30.9% 59,307 -64.4% (120,322) (132,742)
Madison/Union Square 125 16,210,488 1,344,891 13.1% 1,147,154 197,737 7.1% 1.2% 8.3% 1.3% $49.77 $46.54 $49.39 5.4% 1,391,841 2.0% 35,103 (30,679)
Hudson Sq./W. Village 11 3,348,220 214,062 114.4% 120,166 93,896 3.6% 2.8% 6.4% 3.4% $56.18 $55.99 $56.10 37.6% 306,827 -19.8% 29,724 32,785
Chelsea 21 5,674,398 403,065 59.8% 305,238 97,827 5.4% 1.7% 7.1% 2.6% $57.61 $39.15 $55.27 32.2% 440,055 32.9% (26,292) (55,182)
Totals 186 29,468,182 2,141,315 35.3% 1,737,823 403,492 5.9% 1.4% 7.3% 2.0% $52.57 $48.93 $52.03 14.3% 2,229,274 -3.2% (66,346) (171,989)
MIDTOWN SOUTH NEW YORK OFFICE MARKET
Class C Statistical Summary
Submarket
Number of
Buildings Inventory
Total
Available
Space
Y-o-Y
% Change

Direct
Available
Space
Sublease
Available
Space
Direct
Vacancy
Rate
Sublease
Vacancy
Rate
Total
Vacancy
Rate
Y-o-Y
% Pt. Change

Direct
Wtd. Avg.
Rental Rate
Sublease
Wtd. Avg.
Rental Rate
Total
Wtd. Avg.
Rental Rate
Y-o-Y
% Change

Year-to-Date
Leasing
Activity
Y-o-Y
% Change

Year-to-Date
Direct Absorption
Rate
Year-to-Date
Total Absorption
Rate
SoHo 36 2,972,906 121,016 71.1% 99,855 21,161 3.4% 0.7% 4.1% 1.6% $47.27 $50.03 $47.45 -0.7% 266,301 35.9% 8,607 (4,135)
Greenwich/NoHo 18 1,429,050 203,155 -22.0% 203,155 0 14.2% 0.0% 14.2% -4.0% $39.83 $0.00 $39.83 10.6% 72,257 -1.9% 26,602 54,912
Madison/Union Square 79 5,609,860 138,437 -24.8% 118,577 19,860 2.1% 0.4% 2.5% -0.8% $38.26 $0.00 $38.26 15.2% 247,320 -45.4% 77,099 59,739
Hudson Sq./W. Village 23 4,803,110 920,488 -0.9% 910,488 10,000 19.0% 0.2% 19.2% -0.2% $45.17 $32.00 $45.03 1.9% 319,758 2.5% (20,865) (7,975)
Chelsea 61 6,569,681 391,680 -23.6% 378,468 13,212 5.8% 0.2% 6.0% -2.0% $44.48 $37.41 $44.21 2.2% 274,300 -17.3% (36,444) (47,598)
Totals 217 21,384,607 1,774,776 -9.3% 1,710,543 64,233 8.0% 0.3% 8.3% -1.0% $43.98 $37.92 $43.88 5.8% 1,179,936 -13.6% 54,999 54,943
MIDTOWN SOUTH NEW YORK OFFICE MARKET
Overall Statistical Summary
Submarket
Number of
Buildings Inventory
Total
Available
Space
Y-o-Y
% Change

Direct
Available
Space
Sublease
Available
Space
Direct
Vacancy
Rate
Sublease
Vacancy
Rate
Total
Vacancy
Rate
Y-o-Y
% Pt. Change

Direct
Wtd. Avg.
Rental Rate
Sublease
Wtd. Avg.
Rental Rate
Total
Wtd. Avg.
Rental Rate
Y-o-Y
% Change

Year-to-Date
Leasing
Activity
Y-o-Y
% Change

Year-to-Date
Direct Absorption
Rate
Year-to-Date
Total Absorption
Rate
SoHo 47 4,086,654 127,410 62.1% 104,637 22,773 2.6% 0.6% 3.1% 1.1% $47.04 $50.03 $47.22 -0.9% 297,545 16.6% 24,048 9,694
Greenwich/Noho 37 4,670,378 376,058 28.0% 363,638 12,420 7.8% 0.3% 8.1% 1.6% $48.62 $0.00 $48.62 31.6% 131,564 -45.2% (93,720) (77,830)
Madison/Union Square 221 31,192,398 1,907,899 20.8% 1,632,392 275,507 5.2% 0.9% 6.1% 1.1% $48.53 $44.26 $47.93 6.1% 2,009,356 -6.9% (22,276) (99,578)
Hudson Sq./W. Village 41 10,253,986 1,394,966 -5.3% 1,291,070 103,896 12.6% 1.0% 13.6% -0.2% $51.58 $53.68 $51.74 4.3% 858,997 -22.2% 197,109 213,060
Chelsea 84 15,032,079 794,745 3.9% 683,706 111,039 4.5% 0.7% 5.3% 0.1% $50.95 $38.77 $49.93 19.3% 777,640 14.8% (62,736) (102,780)
Totals 430 65,235,495 4,601,078 9.8% 4,075,443 525,635 6.2% 0.8% 7.1% 0.6% $50.02 $46.46 $49.69 8.3% 4,075,102 -8.1% 42,425 (57,434)
Fourth Quarter 2012
Fourth Quarter 2012
Fourth Quarter 2012
Fourth Quarter 2012
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
MIDTOWN SOUTH NEW YORK OFFICE MARKET - FOURTH QUARTER 2012
MIDTOWN SOUTH NEW YORK OFFICE MARKET
Class A Statistical Summary
Submarket
Number of
Buildings Inventory
Total
Available
Space
Y-o-Y
% Change

Direct
Available
Space
Sublease
Available
Space
Direct
Vacancy
Rate
Sublease
Vacancy
Rate
Total
Vacancy
Rate
Y-o-Y
% Pt. Change

Direct
Wtd. Avg.
Rental Rate
Sublease
Wtd. Avg.
Rental Rate
Total
Wtd. Avg.
Rental Rate
Y-o-Y
% Change

Year-to-Date
Leasing
Activity
Y-o-Y
% Change

Year-to-Date
Direct Absorption
Rate
Year-to-Date
Total Absorption
Rate
SoHo 0 0 0 N/A 0 0 0.0% 0.0% 0.0% N/A $0.00 $0.00 $0.00 N/A 0 N/A 0 0
Greenwich/NoHo 1 120,000 0 N/A 0 0 0.0% 0.0% 0.0% N/A $0.00 $0.00 $0.00 N/A 0 N/A 0 0
Madison/Union Square 17 9,372,050 424,571 106.0% 366,661 57,910 3.9% 0.6% 4.5% 2.2% $48.00 $39.07 $43.49 -4.8% 370,195 8.2% (134,478) (128,638)
Hudson Sq./W. Village 7 2,102,656 260,416 -41.4% 260,416 0 12.4% 0.0% 12.4% -5.5% $72.91 $0.00 $72.91 16.0% 232,412 -43.3% 188,250 188,250
Chelsea 2 2,788,000 0 N/A 0 0 0.0% 0.0% 0.0% 0.0% $0.00 $0.00 $0.00 N/A 63,285 334.9% 0 0
Totals 27 14,382,706 684,987 5.3% 627,077 57,910 4.4% 0.4% 4.8% 0.2% $68.26 $39.07 $63.59 10.7% 665,892 -13.1% 53,772 59,612
MIDTOWN SOUTH NEW YORK OFFICE MARKET
Class B Statistical Summary
Submarket
Number of
Buildings Inventory
Total
Available
Space
Y-o-Y
% Change

Direct
Available
Space
Sublease
Available
Space
Direct
Vacancy
Rate
Sublease
Vacancy
Rate
Total
Vacancy
Rate
Y-o-Y
% Pt. Change

Direct
Wtd. Avg.
Rental Rate
Sublease
Wtd. Avg.
Rental Rate
Total
Wtd. Avg.
Rental Rate
Y-o-Y
% Change

Year-to-Date
Leasing
Activity
Y-o-Y
% Change

Year-to-Date
Direct Absorption
Rate
Year-to-Date
Total Absorption
Rate

SoHo 11 1,113,748 6,394 -19.1% 4,782 1,612 0.4% 0.1% 0.6% -0.1% $43.18 $0.00 $43.18 -6.7% 31,244 -47.3% 15,441 13,829
Greenwich/NoHo 18 3,121,328 172,903 418.7% 160,483 12,420 5.1% 0.4% 5.5% 4.4% $60.56 $0.00 $60.56 30.9% 59,307 -64.4% (120,322) (132,742)
Madison/Union Square 125 16,210,488 1,344,891 13.1% 1,147,154 197,737 7.1% 1.2% 8.3% 1.3% $49.77 $46.54 $49.39 5.4% 1,391,841 2.0% 35,103 (30,679)
Hudson Sq./W. Village 11 3,348,220 214,062 114.4% 120,166 93,896 3.6% 2.8% 6.4% 3.4% $56.18 $55.99 $56.10 37.6% 306,827 -19.8% 29,724 32,785
Chelsea 21 5,674,398 403,065 59.8% 305,238 97,827 5.4% 1.7% 7.1% 2.6% $57.61 $39.15 $55.27 32.2% 440,055 32.9% (26,292) (55,182)
Totals 186 29,468,182 2,141,315 35.3% 1,737,823 403,492 5.9% 1.4% 7.3% 2.0% $52.57 $48.93 $52.03 14.3% 2,229,274 -3.2% (66,346) (171,989)
MIDTOWN SOUTH NEW YORK OFFICE MARKET
Class C Statistical Summary
Submarket
Number of
Buildings Inventory
Total
Available
Space
Y-o-Y
% Change

Direct
Available
Space
Sublease
Available
Space
Direct
Vacancy
Rate
Sublease
Vacancy
Rate
Total
Vacancy
Rate
Y-o-Y
% Pt. Change

Direct
Wtd. Avg.
Rental Rate
Sublease
Wtd. Avg.
Rental Rate
Total
Wtd. Avg.
Rental Rate
Y-o-Y
% Change

Year-to-Date
Leasing
Activity
Y-o-Y
% Change

Year-to-Date
Direct Absorption
Rate
Year-to-Date
Total Absorption
Rate
SoHo 36 2,972,906 121,016 71.1% 99,855 21,161 3.4% 0.7% 4.1% 1.6% $47.27 $50.03 $47.45 -0.7% 266,301 35.9% 8,607 (4,135)
Greenwich/NoHo 18 1,429,050 203,155 -22.0% 203,155 0 14.2% 0.0% 14.2% -4.0% $39.83 $0.00 $39.83 10.6% 72,257 -1.9% 26,602 54,912
Madison/Union Square 79 5,609,860 138,437 -24.8% 118,577 19,860 2.1% 0.4% 2.5% -0.8% $38.26 $0.00 $38.26 15.2% 247,320 -45.4% 77,099 59,739
Hudson Sq./W. Village 23 4,803,110 920,488 -0.9% 910,488 10,000 19.0% 0.2% 19.2% -0.2% $45.17 $32.00 $45.03 1.9% 319,758 2.5% (20,865) (7,975)
Chelsea 61 6,569,681 391,680 -23.6% 378,468 13,212 5.8% 0.2% 6.0% -2.0% $44.48 $37.41 $44.21 2.2% 274,300 -17.3% (36,444) (47,598)
Totals 217 21,384,607 1,774,776 -9.3% 1,710,543 64,233 8.0% 0.3% 8.3% -1.0% $43.98 $37.92 $43.88 5.8% 1,179,936 -13.6% 54,999 54,943
MIDTOWN SOUTH NEW YORK OFFICE MARKET
Overall Statistical Summary
Submarket
Number of
Buildings Inventory
Total
Available
Space
Y-o-Y
% Change

Direct
Available
Space
Sublease
Available
Space
Direct
Vacancy
Rate
Sublease
Vacancy
Rate
Total
Vacancy
Rate
Y-o-Y
% Pt. Change

Direct
Wtd. Avg.
Rental Rate
Sublease
Wtd. Avg.
Rental Rate
Total
Wtd. Avg.
Rental Rate
Y-o-Y
% Change

Year-to-Date
Leasing
Activity
Y-o-Y
% Change

Year-to-Date
Direct Absorption
Rate
Year-to-Date
Total Absorption
Rate
SoHo 47 4,086,654 127,410 62.1% 104,637 22,773 2.6% 0.6% 3.1% 1.1% $47.04 $50.03 $47.22 -0.9% 297,545 16.6% 24,048 9,694
Greenwich/Noho 37 4,670,378 376,058 28.0% 363,638 12,420 7.8% 0.3% 8.1% 1.6% $48.62 $0.00 $48.62 31.6% 131,564 -45.2% (93,720) (77,830)
Madison/Union Square 221 31,192,398 1,907,899 20.8% 1,632,392 275,507 5.2% 0.9% 6.1% 1.1% $48.53 $44.26 $47.93 6.1% 2,009,356 -6.9% (22,276) (99,578)
Hudson Sq./W. Village 41 10,253,986 1,394,966 -5.3% 1,291,070 103,896 12.6% 1.0% 13.6% -0.2% $51.58 $53.68 $51.74 4.3% 858,997 -22.2% 197,109 213,060
Chelsea 84 15,032,079 794,745 3.9% 683,706 111,039 4.5% 0.7% 5.3% 0.1% $50.95 $38.77 $49.93 19.3% 777,640 14.8% (62,736) (102,780)
Totals 430 65,235,495 4,601,078 9.8% 4,075,443 525,635 6.2% 0.8% 7.1% 0.6% $50.02 $46.46 $49.69 8.3% 4,075,102 -8.1% 42,425 (57,434)
Fourth Quarter 2012
Fourth Quarter 2012
Fourth Quarter 2012
Fourth Quarter 2012
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
MIDTOWN SOUTH NEW YORK OFFICE MARKET - FOURTH QUARTER 2012
MIDTOWN SOUTH NEW YORK OFFICE MARKET
Class A Statistical Summary
Submarket
Number of
Buildings Inventory
Total
Available
Space
Y-o-Y
% Change

Direct
Available
Space
Sublease
Available
Space
Direct
Vacancy
Rate
Sublease
Vacancy
Rate
Total
Vacancy
Rate
Y-o-Y
% Pt. Change

Direct
Wtd. Avg.
Rental Rate
Sublease
Wtd. Avg.
Rental Rate
Total
Wtd. Avg.
Rental Rate
Y-o-Y
% Change

Year-to-Date
Leasing
Activity
Y-o-Y
% Change

Year-to-Date
Direct Absorption
Rate
Year-to-Date
Total Absorption
Rate
SoHo 0 0 0 N/A 0 0 0.0% 0.0% 0.0% N/A $0.00 $0.00 $0.00 N/A 0 N/A 0 0
Greenwich/NoHo 1 120,000 0 N/A 0 0 0.0% 0.0% 0.0% N/A $0.00 $0.00 $0.00 N/A 0 N/A 0 0
Madison/Union Square 17 9,372,050 424,571 106.0% 366,661 57,910 3.9% 0.6% 4.5% 2.2% $48.00 $39.07 $43.49 -4.8% 370,195 8.2% (134,478) (128,638)
Hudson Sq./W. Village 7 2,102,656 260,416 -41.4% 260,416 0 12.4% 0.0% 12.4% -5.5% $72.91 $0.00 $72.91 16.0% 232,412 -43.3% 188,250 188,250
Chelsea 2 2,788,000 0 N/A 0 0 0.0% 0.0% 0.0% 0.0% $0.00 $0.00 $0.00 N/A 63,285 334.9% 0 0
Totals 27 14,382,706 684,987 5.3% 627,077 57,910 4.4% 0.4% 4.8% 0.2% $68.26 $39.07 $63.59 10.7% 665,892 -13.1% 53,772 59,612
MIDTOWN SOUTH NEW YORK OFFICE MARKET
Class B Statistical Summary
Submarket
Number of
Buildings Inventory
Total
Available
Space
Y-o-Y
% Change

Direct
Available
Space
Sublease
Available
Space
Direct
Vacancy
Rate
Sublease
Vacancy
Rate
Total
Vacancy
Rate
Y-o-Y
% Pt. Change

Direct
Wtd. Avg.
Rental Rate
Sublease
Wtd. Avg.
Rental Rate
Total
Wtd. Avg.
Rental Rate
Y-o-Y
% Change

Year-to-Date
Leasing
Activity
Y-o-Y
% Change

Year-to-Date
Direct Absorption
Rate
Year-to-Date
Total Absorption
Rate

SoHo 11 1,113,748 6,394 -19.1% 4,782 1,612 0.4% 0.1% 0.6% -0.1% $43.18 $0.00 $43.18 -6.7% 31,244 -47.3% 15,441 13,829
Greenwich/NoHo 18 3,121,328 172,903 418.7% 160,483 12,420 5.1% 0.4% 5.5% 4.4% $60.56 $0.00 $60.56 30.9% 59,307 -64.4% (120,322) (132,742)
Madison/Union Square 125 16,210,488 1,344,891 13.1% 1,147,154 197,737 7.1% 1.2% 8.3% 1.3% $49.77 $46.54 $49.39 5.4% 1,391,841 2.0% 35,103 (30,679)
Hudson Sq./W. Village 11 3,348,220 214,062 114.4% 120,166 93,896 3.6% 2.8% 6.4% 3.4% $56.18 $55.99 $56.10 37.6% 306,827 -19.8% 29,724 32,785
Chelsea 21 5,674,398 403,065 59.8% 305,238 97,827 5.4% 1.7% 7.1% 2.6% $57.61 $39.15 $55.27 32.2% 440,055 32.9% (26,292) (55,182)
Totals 186 29,468,182 2,141,315 35.3% 1,737,823 403,492 5.9% 1.4% 7.3% 2.0% $52.57 $48.93 $52.03 14.3% 2,229,274 -3.2% (66,346) (171,989)
MIDTOWN SOUTH NEW YORK OFFICE MARKET
Class C Statistical Summary
Submarket
Number of
Buildings Inventory
Total
Available
Space
Y-o-Y
% Change

Direct
Available
Space
Sublease
Available
Space
Direct
Vacancy
Rate
Sublease
Vacancy
Rate
Total
Vacancy
Rate
Y-o-Y
% Pt. Change

Direct
Wtd. Avg.
Rental Rate
Sublease
Wtd. Avg.
Rental Rate
Total
Wtd. Avg.
Rental Rate
Y-o-Y
% Change

Year-to-Date
Leasing
Activity
Y-o-Y
% Change

Year-to-Date
Direct Absorption
Rate
Year-to-Date
Total Absorption
Rate
SoHo 36 2,972,906 121,016 71.1% 99,855 21,161 3.4% 0.7% 4.1% 1.6% $47.27 $50.03 $47.45 -0.7% 266,301 35.9% 8,607 (4,135)
Greenwich/NoHo 18 1,429,050 203,155 -22.0% 203,155 0 14.2% 0.0% 14.2% -4.0% $39.83 $0.00 $39.83 10.6% 72,257 -1.9% 26,602 54,912
Madison/Union Square 79 5,609,860 138,437 -24.8% 118,577 19,860 2.1% 0.4% 2.5% -0.8% $38.26 $0.00 $38.26 15.2% 247,320 -45.4% 77,099 59,739
Hudson Sq./W. Village 23 4,803,110 920,488 -0.9% 910,488 10,000 19.0% 0.2% 19.2% -0.2% $45.17 $32.00 $45.03 1.9% 319,758 2.5% (20,865) (7,975)
Chelsea 61 6,569,681 391,680 -23.6% 378,468 13,212 5.8% 0.2% 6.0% -2.0% $44.48 $37.41 $44.21 2.2% 274,300 -17.3% (36,444) (47,598)
Totals 217 21,384,607 1,774,776 -9.3% 1,710,543 64,233 8.0% 0.3% 8.3% -1.0% $43.98 $37.92 $43.88 5.8% 1,179,936 -13.6% 54,999 54,943
MIDTOWN SOUTH NEW YORK OFFICE MARKET
Overall Statistical Summary
Submarket
Number of
Buildings Inventory
Total
Available
Space
Y-o-Y
% Change

Direct
Available
Space
Sublease
Available
Space
Direct
Vacancy
Rate
Sublease
Vacancy
Rate
Total
Vacancy
Rate
Y-o-Y
% Pt. Change

Direct
Wtd. Avg.
Rental Rate
Sublease
Wtd. Avg.
Rental Rate
Total
Wtd. Avg.
Rental Rate
Y-o-Y
% Change

Year-to-Date
Leasing
Activity
Y-o-Y
% Change

Year-to-Date
Direct Absorption
Rate
Year-to-Date
Total Absorption
Rate
SoHo 47 4,086,654 127,410 62.1% 104,637 22,773 2.6% 0.6% 3.1% 1.1% $47.04 $50.03 $47.22 -0.9% 297,545 16.6% 24,048 9,694
Greenwich/Noho 37 4,670,378 376,058 28.0% 363,638 12,420 7.8% 0.3% 8.1% 1.6% $48.62 $0.00 $48.62 31.6% 131,564 -45.2% (93,720) (77,830)
Madison/Union Square 221 31,192,398 1,907,899 20.8% 1,632,392 275,507 5.2% 0.9% 6.1% 1.1% $48.53 $44.26 $47.93 6.1% 2,009,356 -6.9% (22,276) (99,578)
Hudson Sq./W. Village 41 10,253,986 1,394,966 -5.3% 1,291,070 103,896 12.6% 1.0% 13.6% -0.2% $51.58 $53.68 $51.74 4.3% 858,997 -22.2% 197,109 213,060
Chelsea 84 15,032,079 794,745 3.9% 683,706 111,039 4.5% 0.7% 5.3% 0.1% $50.95 $38.77 $49.93 19.3% 777,640 14.8% (62,736) (102,780)
Totals 430 65,235,495 4,601,078 9.8% 4,075,443 525,635 6.2% 0.8% 7.1% 0.6% $50.02 $46.46 $49.69 8.3% 4,075,102 -8.1% 42,425 (57,434)
Fourth Quarter 2012
Fourth Quarter 2012
Fourth Quarter 2012
Fourth Quarter 2012
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
»
Early indications suggest that the period between October and December will
clock in as the most active fourth quarter since 2007, just before Manhattan’s
office market imploded. And while lease flow in 2012 was a far cry from 2011,
when deals by Condé Nast and Nomura Holding straddled the million-square-foot
precipice, a bevy of eleventh-hour transactions by Microsoft and Kaye Scholer in
the fourth quarter of 2012 helped close the gap. The Commercial Observer reviewed
fourth-quarter leasing in Midtown South with Cushman & Wakefield Director of
Research Jonathan Mazur last week in an bid to gleam a snapshot of the quarter.
Fourth-Quarter Promises
1: While the stock of Class A office properties in Greenwich Village and Noho
is small to say the least, expect inventory to triple with the addition of Edward
Minskoff’s speculative 51 Astor, a 430,000-square-foot granite and glass tower
that will compete for tenants with 770 Broadway when it hits the market in
March.
7.3%: Class B office properties continued to experience whirlwind activity in the fourth
quarter of 2012, even as the total vacancy rate shot up by 2 percent from last year, when
the rate stood at 5.3 percent. “A lot more product has been brought to market, particu-
larly in Madison/Union Square,” said Mr. Mazur, who pointed to space at 401 Park Avenue
South, 11 Madison Avenue, 90 Fifth Avenue and 110 Fifth Avenue.
14.3%: Despite more available space hitting the Class B office market, however, direct
rental rates have kept pace, and increased to $52.57. “A 14 percent increase in a single year
is definitely significant,” said Mr. Mazur. “It basically means higher, better-quality space
is being brought to the market.”
Madison/Union Square: Along with Chelsea, the Madison/Union Square submarket
experienced Midtown South’s biggest spike in vacancies. While still hovering at a respect-
able 6.1 percent after a 2 percent uptick, a small group of fleeing tenants contributed to an
overall rise in vacancies. “It’s the kind of problem every other market in the country would
like to have,” said Mr. Mazur.
7.1%: At the conclusion of the fourth quarter of 2012, Midtown South remained the
tightest office market in the United States, despite a 0.6 percent year-over-year per-
centage uptick and a slash in availability in the country’s second-tightest office market.
“San Francisco’s vacancy rate declined in the fourth quarter, while Midtown South has
increased,” said Mr. Mazur. “So they are narrowing the gap, and both are tech heavy mar-
kets. However, Midtown South still has the lowest vacancy in the country.
42,425: In a feat unseen since 2005-2006, all three major Manhattan office markets
boasted back-to-back positive absorption between 2011 and 2012. That’s a good omen for
2013, to say the least.
$60.56: Class B office properties in Greenwich Village/Noho, Hudson Square/West
Village and Madison/Union Square all saw rental rates increase by more than 30 percent.
In Greenwich Village/Noho in particular, the rental rate of $60.56 per square foot is the
highest it’s been since 2007, said Mr. Mazur.
-8.1%: While leasing activity is down in Midtown South since last year, the numbers
look downright healthy in comparison with the Midtown and Downtown office markets,
where activity is off by a whopping 20 percent. “I think it’s odd to say that a negative num-
ber is pretty healthy, but you’re also comparing it to a very strong year-end last year, and
we’re also experiencing a very strong recovery.”

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