Total office inventory in the New York City market area amounted to. 559,035,040 square feet in 3,786 buildings as of th
New York City Overall Market Information 4Q 2016 Average Vacancy Rate
Significant 4th quarter lease transactions TENANT
Major League Baseball
1271 Avenue of the Americas 380,983
Class A Avg Lease Rates
Class B Avg Lease Rates
Milbank, Tweed, Hadley & McCloy LLP
Hogan Lovells US LLP
Arrows indicate changes based on previous quarter
he New York City Office market ended the fourth quarter 2016 with a vacancy rate of 8.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,213,780 square feet in the fourth quarter. Vacant sublease space increased in the quarter, ending the quarter at 4,033,955 square feet. One building delivered to the market in the quarter totaling 450,000 square feet, with 15,234,322 square feet still under construction at the end of the quarter. Absorption Net absorption for the overall New York City office market was positive 1,213,780 square feet in the fourth quarter 2016. That compares to negative (541,218) square feet in the third quarter 2016, positive 1,887,652 square feet in the second quarter 2016, and negative (2,358,745) square feet in the first quarter Unemployment 2016. Vacancy USA
The office vacancy rate in the New York City market area decreased to 8.1% at the end of the fourth quarter 2016. The vacancy rate was 8.2% at the end of the third quarter 2016, 8.1% at the end of the second quarter 2016, and 8.2% at the end of the first quarter 2016.
55 Hudson Yards
390 Madison Avenue
National Basketball Association
645 Fifth Avenue
National Hockey League
1 Manhattan West
Two Herald Square
55 Hudson Yards
Market Overview continued Deliveries and Construction During the fourth quarter 2016, one building totaling 450,000 square feet was completed in the New York City market. This compares to two buildings totaling 126,643 square feet that were completed in the third quarter 2016. Inventory Total office inventory in the New York City market area amounted to 559,035,040 square feet in 3,786 buildings as of the end of the fourth quarter 2016. The Class-A office sector consisted of 327,609,282 square feet in 466 projects. There were 1,394 Class-B buildings totaling 160,039,065 square feet. Cap Rates Cap rates have been higher in 2016, averaging 4.42% compared to the same period in 2015 when they averaged 4.03%.
Vacancy Rates Vacancy by Class
Vacancy by Available Space Type
9% Class A Class B Class C
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New York City Average Rental Rates Class A
$70.00 $60.00 $60.00
Total Net Absorption
4Q 2016 net absorption by submarket
New York City Lease Rates
NYC Submarket Map
he average quoted rate within the Class-A sector was $72.34 at the end of the fourth quarter 2016, while Class-B rates stood at $61.81.
Quoted Rental Rates SUBMARKET
World Trade Center
Midtown East: Grand Central Plaza District Midtown West: Columbus Circle Times Square Garment District Penn Plaza Midtown South: Chelsea Murray Hill Union Square Hudson Square Greenwich Village NoHo SoHo Downtown: Tribeca World Trade Center City Hall Insurance District Financial District
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Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and completeness. Each Office Independently Owned and Operated. © 2016.