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Lee Nyc Manhattan Trend Tracker 3Q2015 Submarkets Lee Nyc Manhattan Trend Tracker 3Q2015

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Lee Nyc Manhattan Trend Tracker 3Q2015 Submarkets Lee Nyc Manhattan Trend Tracker 3Q2015 THE OFFICE MARKET REPORT LEE NYC MANHATTAN TREND TRACKER 3Q2015 SUBMARKETS LEE NYC MANHATTAN TREND TRACKER 3Q2015 W 65TH ST E 65TH ST BROADWAY BROADWAY BROADWAY BROADWAY BROADWAY 1ST AVE CENTRAL PARK WEST CENTRAL PARK 5TH AVE MIDTOWN WEST CENTRAL PARK SOUTH LEXINGTON AVE W 57TH ST E 57TH ST MIDTOWN PLAZAPLAZA MIDTOWN EAST DISTRICT MIDTOWN SOUTH 8TH AVE 0TH AVE 1 ROCKEFELLERROCKEFELLER W 47TH ST E 47TH ST BROADWAY BROADWAY BROADWAY BROADWAY BROADWAY CENTERCENTER FDR DRIVE TIMESTIMES SQUARESQUARE DOWNTOWN WEST SIDE HIGHWAY HIGHWAY SIDE SIDE WEST WEST GRAND CENTRAL W 42ND ST E 42ND ST AVENUE OF THE AMERICAS AVENUE 1ST AVE PENNPENN STATIONSTATION || GARMENTGARMENT DISTRICTDISTRICT MURRAY HILL W 34TH ST E 34TH ST 5TH AVE BROADWAY BROADWAY BROADWAY BROADWAY BROADWAY BROADWAY LEXINGTON AVE 12TH AVE AVE 12TH 12TH CHELSEACHELSEA 1ST AVE W 23RD ST E 23RD ST GRAMERCY | FLATIRON 0TH AVE 8TH AVE 1 AVENUE OF THE AMERICAS AVENUE BROADWAY BROADWAY BROADWAY BROADWAY BROADWAY W 14TH ST E 14TH ST 1TH AVE AVE 1TH 1TH FDR DRIVE DRIVE FDR FDR 1 1 GANESEVOORT ST EAST 5TH AVE RIVER AVE A AVE 1ST AVE W 4TH ST HUDSON SQ. E 4TH ST HUDSON || TRIBECATRIBECA SOHOSOHO || NOHONOHO RIVER E HOUSTON ST W HOUSTON ST BROADWAY HUDSON ST ST ST ST ST ST ST HUDSON HUDSON HUDSON HUDSON HUDSON HUDSON HUDSON W HOUSTON ST DELANCEY ST BOWERY BOWERY BOWERY BOWERY ALLEN ST ST ST ST ST ALLEN ALLEN ALLEN ALLEN ALLEN AVENUE OF THE AMERICAS AMERICAS AMERICAS AMERICAS AMERICAS AMERICAS AMERICAS AMERICAS AMERICAS AMERICAS AMERICAS AMERICAS AMERICAS AMERICAS AMERICAS AMERICAS AMERICAS AMERICAS AMERICAS AMERICAS AMERICAS AMERICAS AMERICAS AMERICAS AMERICAS AMERICAS AMERICAS AMERICAS THE THE THE THE THE THE THE THE THE THE THE THE THE THE THE THE THE THE THE THE THE THE THE THE THE THE THE THE OF OF OF OF OF OF OF OF OF OF OF OF OF OF OF OF OF OF OF OF OF OF OF OF OF OF OF OF AVENUE AVENUE AVENUE AVENUE AVENUE AVENUE AVENUE AVENUE AVENUE AVENUE AVENUE AVENUE AVENUE AVENUE AVENUE AVENUE AVENUE AVENUE AVENUE AVENUE AVENUE AVENUE AVENUE AVENUE AVENUE AVENUE AVENUE AVENUE AVENUE OF THE AMERICAS THE OF AVENUE DELANCEY ST VARICK ST ST ST ST ST VARICK VARICK VARICK VARICK VARICK CANAL ST ST VARICK WEST ST ST WEST WEST W BROADWAY W CANAL ST FRANKLIN ST STCENTRE WORTH ST BROADWAY CITYCITY HALLHALL CHAMBERS ST || INSURANCEINSURANCE DISTRICTDISTRICT PARK PL PARK ROW VESEY ST VESEY ST WORLD TRADETRADE CENTERCENTER ST WILLIAM WATER ST WALL ST TRINITY PL TRINITY GOLD ST FINANCIALFINANCIAL BROADWAY DISTRICT BEAVER ST BATTERY PL 2 MANHATTAN TREND TRACKER 3RD QUARTER 2015 LEE & ASSOCIATES NYC MARKET SUMMARY LEE NYC MANHATTAN TREND TRACKER 3Q2015 2015 | 3Q Manhattan Office 2015 | 3Q Manhattan Office Total Total Total Direct Sublease Overall Available Total Total Total Under Direct Sublease Overall Inventory Available Vacancy Availability Net Under Asking Asking Asking Market Inventory Total Vacancy Availability Net Construction Asking Asking Asking Market (MSF) Total Rate Rate Absorption Construction Rent Rent Rent (MSF) (SF) Rate Rate Absorption (SF) Rent Rent Rent (SF) (%) (%) (SF) (SF) ($PSF) ($PSF) ($PSF) (%) (%) (SF) ($PSF) ($PSF) ($PSF) Midtown 223 24,659,164 7.8% 11.0% -68,734 670,000 $81.94 $64.02 $79.37 Grand MidtownCentral 22371 24,659,1649,852,620 7.8%9.6% 11.0%13.8% -68,734230,512 670,000- $81.94$73.80 $64.02$58.93 $79.37$72.28 Grand Central 71 9,852,620 9.6% 13.8% 230,512 - $73.80 $58.93 $72.28 Midtown East 25 1,523,880 4.3% 6.0% -67,592 - $71.73 $60.10 $70.07 Midtown East 25 1,523,880 4.3% 6.0% -67,592 - $71.73 $60.10 $70.07 Midtown West 20 1,532,409 5.6% 7.5% 72,752 - $74.40 $50.35 $71.90 Midtown West 20 1,532,409 5.6% 7.5% 72,752 - $74.40 $50.35 $71.90 Plaza District 39 3,934,705 7.6% 10.1% 165,474 670,000 $114.15 $73.16 $107.61 Plaza District 39 3,934,705 7.6% 10.1% 165,474 670,000 $114.15 $73.16 $107.61 Rockefeller Plaza 30 2,247,312 6.0% 7.5% 46,450 - $82.31 $49.82 $75.89 Rockefeller Plaza 30 2,247,312 6.0% 7.5% 46,450 - $82.31 $49.82 $75.89 Times Square 38 5,568,238 9.7% 14.7% -516,330 - $75.10 $73.05 $74.65 Times Square 38 5,568,238 9.7% 14.7% -516,330 - $75.10 $73.05 $74.65 Midtown South 149 13,029,989 5.9% 8.7% 97,570 6,661,751 $68.95 $52.97 $65.64 Midtown South 149 13,029,989 5.9% 8.7% 97,570 6,661,751 $68.95 $52.97 $65.64 Chelsea 18 980,899 3.7% 5.4% -68,170 85,202 $57.05 $56.61 $56.97 Chelsea 18 980,899 3.7% 5.4% -68,170 85,202 $57.05 $56.61 $56.97 Gramercy | Flatiron 30 2,429,876 5.7% 8.1% 93,893 - $74.98 $61.04 $72.25 Gramercy | Flatiron 30 2,429,876 5.7% 8.1% 93,893 - $74.98 $61.04 $72.25 Hudson Square | Tribeca 21 2,488,053 9.7% 11.4% -375,235 120,413 $73.64 $51.71 $71.62 Hudson Square | Tribeca 21 2,488,053 9.7% 11.4% -375,235 120,413 $73.64 $51.71 $71.62 Murray Hill 13 1,070,943 4.3% 8.3% 85,536 - $64.43 $48.35 $60.78 Murray Hill 13 1,070,943 4.3% 8.3% 85,536 - $64.43 $48.35 $60.78 Penn Station-Garment 54 5,045,821 6.1% 9.4% 224,054 6,456,136 $66.59 $49.96 $62.45 Penn Station-Garment 54 5,045,821 6.1% 9.4% 224,054 6,456,136 $66.59 $49.96 $62.45 SoHo | NoHo 13 1,014,397 3.7% 8.1% 137,492 - $75.36 $57.10 $71.05 SoHo | NoHo 13 1,014,397 3.7% 8.1% 137,492 - $75.36 $57.10 $71.05 Downtown 107 12,957,608 11.0% 12.1% 348,253 2,861,402 $61.10 $45.49 $59.32 Downtown 107 12,957,608 11.0% 12.1% 348,253 2,861,402 $61.10 $45.49 $59.32 City Hall | Insurance Dist. 28 1,707,925 4.6% 6.1% -35,519 - $50.51 $39.64 $49.68 City Hall | Insurance Dist. 28 1,707,925 4.6% 6.1% -35,519 - $50.51 $39.64 $49.68 Financial District 44 5,865,575 10.9% 13.2% 440,736 - $55.20 $43.36 $53.35 Financial District 44 5,865,575 10.9% 13.2% 440,736 - $55.20 $43.36 $53.35 World Trade Center 35 5,384,108 16.4% 15.6% -56,964 2,861,402 $67.87 $50.95 $66.64 World Trade Center 35 5,384,108 16.4% 15.6% -56,964 2,861,402 $67.87 $50.95 $66.64 Manhattan 479 50,646,761 8.0% 10.6% 310,709 10,193,153 $73.28 $56.66 $70.76 Manhattan 479 50,646,761 8.0% 10.6% 310,709 10,193,153 $73.28 $56.66 $70.76 Commenced with report, 1Q 2015, Lee & Associates utilizes new metric methods from its prior reporting methods. Lee & Associates Office Metrics are based on Commencedoffice buildings with with report, a minimum 1Q 2015, rentable Lee & Associatesbuilding area utilizes of 100,000 new metric square methods feet, with from the its exception prior reporting in the submarketmethods. Lee of Soho/Noho,& Associates which Office uses Metrics metrics are basedbased onon officeoffice buildingsbuildings withwith aa minimumminimum rentablerentable buildingbuilding areaarea ofof 100,00050,000 square square feet. feet, Lee with & the Associates exception Office in the Metrics submarket comprise of Soho/Noho, data representing which uses existing metrics office based buildings on for officeClasses buildings A, B and with C. Sincea minimum new metric rentable methods building have area been of 50,000applied, square the correlation feet. Lee &of Associates data for this Office report Metrics (and allcomprise reports data since representing 1Q 2015) will existing have no office bearing buildings over thefor Classesreports A,previously B and C. publishedSince new by metric Lee & methods Associates have (prior been to applied, 1Q 2015). the correlation of data for this report (and all reports since 1Q 2015) will have no bearing over the reports previously published by Lee & Associates (prior to 1Q 2015). 1. Under Construction only includes buildings with expected deliveries, with a primary office use and over 50,000 square feet. Buildings under construction that 1.includeUnder o fficeConstruction as a secondary only includes or tertiary bui ldingsuse are wi ethxcluded. expected All deliveries,proposed newwith constructiona primary office buildings use and we overre e xcluded.50,000 square feet. Buildings under construction that include2. All r entoffice figures as a saecondaryre based onor tmarketertiary ausnde asubmarketre excluded. weighted All proposed averages. new O constructionverall Asking buildings Rents take we Dreirect excluded. and Sublease rents into account. 2. All rent figures are based on market and submarket weighted averages. Overall Asking Rents take Direct and Sublease rents into account. Lee & Associates NYC accepts no liability or responsibility for the accuracy or completeness of the information contained herein and no reliance should be Leeplaced & Associates on the information NYC accepts contained no liability in this or responsibilitydocument.
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