MANHATTAN OFFICE MARKET - THIRD QUARTER 2013

MANHATTAN OFFICE MARKET

Class A Statistical Summary

Third Quarter 2013

Number of
Buildings

Inventory

Total
Available
Space

Midtown

324

182,927,081

22,181,044

9.9%

17,642,375

4,538,669

9.6%

2.5%

12.1%

1.0%

$74.77

$61.04

$72.99

1.7%

9,142,794

29.7%

(194,918)

Midtown South

29

15,601,758

1,212,918

92.8%

981,248

231,670

6.3%

1.5%

7.8%

3.4%

$81.73

$50.70

$74.55

12.3%

692,956

38.9%

13,388

56,511

Downtown

47

47,750,122

6,180,149

43.1%

5,540,319

639,830

11.6%

1.3%

12.9%

3.8%

$51.65

$33.51

$50.71

12.2%

2,115,979

1.7%

(2,297,550)

(2,391,679)

400

246,278,961

29,574,111

17.7%

24,163,942

5,410,169

9.8%

2.2%

12.0%

1.6%

$69.75

$57.34

$68.40

2.0%

11,951,729

24.1%

(2,479,080)

(3,447,020)

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

Submarket

Totals

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
(1,111,852)

MANHATTAN OFFICE MARKET

Class B Statistical Summary

Third Quarter 2013

Number of
Buildings

Inventory

Total
Available
Space

Midtown

326

43,931,134

4,665,247

7.1%

4,199,705

465,542

9.6%

1.1%

10.6%

0.8%

$49.93

$46.00

$49.77

9.6%

1,848,158

-10.1%

(253,294)

(382,653)

Midtown South

188

29,530,966

2,674,351

36.7%

2,369,735

304,616

8.0%

1.0%

9.1%

2.4%

$59.65

$54.69

$59.39

20.0%

1,260,266

-27.0%

(782,120)

(666,526)

Downtown

56

27,183,015

2,168,747

-27.4%

1,807,091

361,656

6.6%

1.3%

8.0%

-2.8%

$37.00

$26.00

$36.24

4.7%

1,686,366

44.7%

732,747

580,840

570

100,645,115

9,508,345

2.2%

8,376,531

1,131,814

8.3%

1.1%

9.4%

0.3%

$49.89

$41.95

$49.39

15.4%

4,794,790

-3.1%

(302,667)

(468,339)

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

Submarket

Totals

MANHATTAN OFFICE MARKET

Class C Statistical Summary

Third Quarter 2013

Year-to-Date
Total Absorption
Rate

Number of
Buildings

Inventory

Midtown

150

15,815,466

752,437

-6.5%

596,226

156,211

3.8%

1.0%

4.8%

-0.3%

$39.71

$28.08

$39.01

4.2%

423,373

-29.2%

74,135

(29,065)

Midtown South

214

20,156,303

1,092,517

-35.3%

895,908

196,609

4.4%

1.0%

5.4%

-2.5%

$46.18

$47.69

$46.29

5.3%

790,180

-11.4%

2,054

(106,933)

Downtown

72

9,923,197

861,094

35.4%

836,085

25,009

8.4%

0.3%

8.7%

2.5%

$35.10

$38.50

$35.11

10.4%

467,168

-35.9%

9,442

15,476

436

45,894,966

2,706,048

-13.5%

2,328,219

377,829

5.1%

0.8%

5.9%

-0.7%

$40.54

$38.97

$40.71

2.2%

1,680,721

-24.2%

85,631

(120,522)

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
(1,523,570)

Submarket

Totals

MANHATTAN OFFICE MARKET

Overall Statistical Summary

Third Quarter 2013

Number of
Buildings

Inventory

Total
Available
Space

Midtown

800

242,673,681

27,598,728

8.9%

22,438,306

5,160,422

9.2%

2.1%

11.4%

0.9%

$69.53

$59.69

$68.41

3.0%

11,414,325

17.6%

(374,077)

Midtown South

431

65,289,027

4,979,786

16.5%

4,246,891

732,895

6.5%

1.1%

7.6%

1.1%

$61.26

$51.57

$60.34

22.8%

2,743,402

-12.0%

(766,678)

(716,948)

Downtown

175

84,856,334

9,209,990

16.0%

8,183,495

1,026,495

9.6%

1.2%

10.9%

1.5%

$46.79

$31.31

$46.00

15.5%

4,269,513

7.4%

(1,555,361)

(1,795,363)

1406

392,819,042

41,788,504

11.3%

34,868,692

6,919,812

8.9%

1.8%

10.6%

1.1%

$63.19

$54.62

$62.51

6.3%

18,427,240

9.7%

(2,696,116)

(4,035,881)

Submarket

Totals

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 NEW YORK OFFICE MARKET - THIRD QUARTER 2013

MIDTOWN NEW YORK OFFICE MARKET

Class A Statistical Summary

Third Quarter 2013

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

Submarket

Number of
Buildings

Murray Hill

10

6,899,203

981,736

310.0%

752,264

229,472

10.9%

3.3%

14.2%

10.8%

$57.51

N/A

$57.51

9.8%

333,832

-15.8%

(392,260)

(596,998)

Grand Central

68

36,427,439

5,217,461

26.2%

4,551,623

665,838

12.5%

1.8%

14.3%

3.0%

$60.35

$47.66

$59.70

4.0%

1,536,881

10.7%

(752,268)

(710,435)

United Nations

1,859,450

11,378

-85.5%

11,378

0.6%

0.0%

0.6%

-3.6%

$56.59

N/A

$56.59

14.1%

32,716

169.6%

22,500

22,500

East Side

38

17,761,352

1,545,312

-18.7%

1,287,682

257,630

7.2%

1.5%

8.7%

-2.0%

$62.66

$52.85

$61.85

-1.2%

794,776

24.7%

(76,781)

(70,526)

Park Avenue

30

21,652,799

2,306,061

7.2%

1,359,967

946,094

6.3%

4.4%

10.7%

0.7%

$83.83

$72.70

$79.51

0.3%

1,232,005

32.1%

Madison/ Fifth

74

21,597,596

3,034,845

-15.1%

2,565,540

469,305

11.9%

2.2%

14.1%

-2.5%

$102.09

$65.22

$100.79

4.4%

1,243,730

4.8%

217,944

289,043

6 Ave/ Rock Cntr

42

38,471,716

5,267,538

32.2%

3,872,943

1,394,595

10.1%

3.6%

13.7%

3.2%

$81.04

$56.31

$75.57

1.5%

1,705,326

38.1%

(514,415)

(931,038)

Westside

34

23,809,400

2,372,252

3.4%

2,034,614

337,638

8.5%

1.4%

10.0%

-1.3%

$72.21

$55.29

$70.94

8.7%

815,917

2.7%

640,661

714,925

Penn Station

7,124,415

623,851

46.2%

442,617

181,234

6.2%

2.5%

8.8%

2.3%

$54.86

$48.00

$53.86

-4.9%

941,935

379.6%

94,560

(17,700)

Times Square South

12

7,323,711

820,610

-37.0%

763,747

56,863

10.4%

0.8%

11.2%

-6.6%

$78.16

$50.61

$77.15

7.2%

505,676

89.0%

131,301

186,902

324

182,927,081

22,181,044

9.9%

17,642,375

4,538,669

9.6%

2.5%

12.1%

1.0%

$74.77

$61.04

$72.99

1.7%

9,142,794

29.7%

(194,918)

(1,111,852)

Y-o-Y
% Change

Sublease
Available
Space

Direct
Vacancy
Rate

Sublease
Vacancy
Rate

Total
Vacancy
Rate

Y-o-Y
% Pt. Change

Sublease
Wtd. Avg.
Rental Rate

Total
Wtd. Avg.
Rental Rate

Year-to-Date
Leasing
Activity

Y-o-Y
% Change

Direct
Wtd. Avg.
Rental Rate

Y-o-Y
% Change

Direct
Available
Space

Year-to-Date
Direct Absorption
Rate

Year-to-Date
Total Absorption
Rate

Totals

Inventory

433,840

MIDTOWN NEW YORK OFFICE MARKET

Class B Statistical Summary

1,475

Third Quarter 2013

Submarket

Number of
Buildings

Inventory

Total
Available
Space

Murray Hill

51

6,396,473

394,801

14.1%

324,608

70,193

5.1%

1.1%

6.2%

0.8%

$44.67

$41.27

$44.13

3.5%

231,316

-43.6%

(39,261)

(80,852)

Grand Central

64

7,270,513

823,393

0.8%

779,226

44,167

10.7%

0.6%

11.3%

0.1%

$50.91

$44.76

$50.70

2.7%

380,924

13.6%

(16,705)

(27,221)

United Nations

810,198

0.0%

0.0%

0.0%

0.0%

0.0%

N/A

N/A

N/A

0.0%

0.0%

East Side

22

1,110,473

46,698

41.7%

29,245

17,453

2.6%

1.6%

4.2%

1.2%

$54.76

$65.00

$56.98

6.6%

14,479

-56.3%

1,467

(15,986)

Park Avenue

0.0%

0.0%

0.0%

0.0%

0.0%

N/A

N/A

N/A

0.0%

0.0%

Madison/ Fifth

47

3,073,031

265,870

15.8%

265,870

8.7%

0.0%

8.7%

1.2%

$63.62

N/A

$63.62

-3.2%

155,518

232.0%

(40,489)

(28,695)

6 Ave/ Rock Cntr

24

1,679,381

122,356

-33.4%

121,248

1,108

7.2%

0.1%

7.3%

-3.0%

$57.87

N/A

$57.87

10.7%

50,129

-47.5%

3,957

9,349

Westside

31

4,039,042

265,919

321.0%

254,469

11,450

6.3%

0.3%

6.6%

4.5%

$43.28

$52.00

$43.62

-14.0%

68,707

-34.3%

(12,118)

(23,568)

Penn Station

18

5,240,473

1,211,329

35.4%

1,182,576

28,753

22.6%

0.5%

23.1%

7.7%

$56.49

$55.00

$56.45

43.7%

282,037

7.9%

(330,812)

(343,168)

Times Square South

62

14,311,550

1,534,881

-4.1%

1,242,463

292,418

8.7%

2.0%

10.7%

-0.5%

$45.65

$42.54

$45.56

2.6%

665,048

-13.1%

180,667

127,488

326

43,931,134

4,665,247

7.1%

4,199,705

465,542

9.6%

1.1%

10.6%

0.8%

$49.93

$46.00

$49.77

9.6%

1,848,158

-10.1%

(253,294)

(382,653)

Totals

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 NEW YORK OFFICE MARKET - THIRD QUARTER 2013

MIDTOWN NEW YORK OFFICE MARKET

Class C Statistical Summary

Third Quarter 2013

Y-o-Y
% Change

Sublease
Available
Space

Direct
Vacancy
Rate

Sublease
Vacancy
Rate

Total
Vacancy
Rate

Y-o-Y
% Pt. Change

Direct
Available
Space

Sublease
Wtd. Avg.
Rental Rate

Total
Wtd. Avg.
Rental Rate

Y-o-Y
% Change

Direct
Wtd. Avg.
Rental Rate

Y-o-Y
% Change

Year-to-Date
Leasing
Activity

Submarket

Number of
Buildings

Inventory

Total
Available
Space

Murray Hill

22

1,070,823

59,374

-11.7%

47,774

11,600

4.5%

1.1%

5.5%

-0.7%

$42.27

$36.00

$41.43

19.8%

55,039

100.1%

11,436

6,436

Grand Central

272,576

N/A

0.0%

0.0%

0.0%

N/A

$0.00

$0.00

$0.00

N/A

N/A

United Nations

N/A

0.0%

0.0%

0.0%

N/A

$0.00

$0.00

$0.00

N/A

N/A

East Side

43,000

N/A

0.0%

0.0%

0.0%

N/A

$0.00

$0.00

$0.00

N/A

N/A

Park Avenue

N/A

0.0%

0.0%

0.0%

N/A

$0.00

$0.00

$0.00

N/A

N/A

Madison/ Fifth

N/A

0.0%

0.0%

0.0%

N/A

$0.00

$0.00

$0.00

N/A

N/A

6 Ave/ Rock Cntr

368,885

27,102

-40.9%

27,102

7.3%

0.0%

7.3%

-5.1%

$62.57

$0.00

$62.57

63.4%

21,805

-55.5%

(3,375)

(3,375)

Westside

22

2,377,389

110,517

-46.6%

78,706

31,811

3.3%

1.3%

4.6%

-4.3%

$37.49

$0.00

$37.49

-0.2%

53,144

-54.7%

37,375

37,375

Penn Station

20

2,226,447

54,605

946.1%

21,605

33,000

1.0%

1.5%

2.5%

2.2%

$39.98

$0.00

$39.98

9.4%

21,454

-53.4%

(13,131)

(36,831)

Times Square South

72

9,456,346

500,839

4.5%

421,039

79,800

4.5%

0.8%

5.3%

0.3%

$38.72

$26.30

$37.88

0.3%

271,931

-24.1%

41,830

(32,670)

150

15,815,466

752,437

-6.5%

596,226

156,211

3.8%

1.0%

4.8%

-0.3%

$39.71

$28.08

$39.01

4.2%

423,373

-29.2%

74,135

(29,065)

Y-o-Y
% Change

Sublease
Available
Space

Direct
Vacancy
Rate

Sublease
Vacancy
Rate

Total
Vacancy
Rate

Y-o-Y
% Pt. Change

Sublease
Wtd. Avg.
Rental Rate

Total
Wtd. Avg.
Rental Rate

Year-to-Date
Leasing
Activity

Y-o-Y
% Change

Direct
Wtd. Avg.
Rental Rate

Y-o-Y
% Change

Direct
Available
Space

Year-to-Date
Direct Absorption
Rate

Year-to-Date
Total Absorption
Rate

Totals

Year-to-Date
Direct Absorption
Rate

Year-to-Date
Total Absorption
Rate

MIDTOWN NEW YORK OFFICE MARKET

Overall Statistical Summary

Third Quarter 2013

Number of
Buildings

Inventory

Total
Available
Space

Murray Hill

83

14,366,499

1,435,911

119.9%

1,124,646

311,265

7.8%

2.2%

10.0%

5.5%

$53.70

$40.61

$53.04

16.3%

620,187

-25.7%

(420,085)

(671,414)

Grand Central

137

43,970,528

6,040,854

22.0%

5,330,849

710,005

12.1%

1.6%

13.7%

2.5%

$59.40

$47.46

$58.81

4.4%

1,917,805

11.3%

(768,973)

(737,656)

United Nations

16

2,669,648

11,378

-85.5%

11,378

0.4%

0.0%

0.4%

-2.5%

$56.59

N/A

$56.59

14.1%

32,716

169.6%

22,500

22,500

East Side

62

18,914,825

1,592,010

-17.7%

1,316,927

275,083

7.0%

1.5%

8.4%

-1.8%

$62.44

$53.84

$61.69

-1.2%

809,255

20.7%

(75,314)

(86,512)

Park Avenue

30

21,652,799

2,306,061

7.2%

1,359,967

946,094

6.3%

4.4%

10.7%

0.7%

$83.83

$72.70

$79.51

0.3%

1,232,005

32.1%

Madison/ Fifth

121

24,670,627

3,300,715

-13.3%

2,831,410

469,305

11.5%

1.9%

13.4%

-2.0%

$98.93

$65.22

$97.83

3.0%

1,399,248

13.5%

177,455

260,348

6 Ave/ Rock Cntr

73

40,519,982

5,416,996

28.6%

4,021,293

1,395,703

9.9%

3.4%

13.4%

2.9%

$80.03

$56.31

$74.97

2.3%

1,777,260

28.8%

(513,833)

(925,064)

Submarket

Westside

433,840

1,475

87

30,225,831

2,748,688

7.2%

2,367,789

380,899

7.8%

1.3%

9.1%

-0.8%

$67.77

$55.09

$66.90

6.1%

937,768

-7.7%

665,918

728,732

Penn Station

45

14,591,335

1,889,785

42.5%

1,646,798

242,987

11.3%

1.7%

13.0%

3.9%

$55.80

$50.59

$55.51

21.8%

1,245,426

147.1%

(249,383)

(397,699)

Times Square South

146

31,091,607

2,856,330

-15.6%

2,427,249

429,081

7.8%

1.4%

9.2%

-1.6%

$52.48

$38.86

$51.96

-4.7%

1,442,655

3.7%

353,798

281,720

800

242,673,681

27,598,728

8.9%

22,438,306

5,160,422

9.2%

2.1%

11.4%

0.9%

$69.53

$59.69

$68.41

3.0%

11,414,325

17.6%

(374,077)

(1,523,570)

Totals

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 - THIRD QUARTER 2013

MIDTOWN SOUTH NEW YORK OFFICE MARKET

Class A Statistical Summary
Number of
Buildings

Submarket

Inventory

Third Quarter 2013

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

N/A

0.0%

0.0%

0.0%

N/A

$0.00

$0.00

$0.00

N/A

N/A

Greenwich/NoHo

1,339,052

288,472

N/A

288,472

21.5%

0.0%

21.5%

21.5%

$102.38

$0.00

$102.38

N/A

236,683

N/A

99,365

316,248

Madison/Union Square

17

9,372,050

547,052

48.4%

475,382

71,670

5.1%

0.8%

5.8%

1.9%

$53.44

$19.00

$48.84

-14.6%

234,019

11.0%

(205,518)

(219,278)

Hudson Sq./W. Village

2,102,656

377,394

44.9%

217,394

160,000

10.3%

7.6%

17.9%

5.6%

$66.52

$54.00

$60.80

-16.6%

138,867

-38.2%

119,541

(40,459)

Chelsea

2,788,000

N/A

0.0%

0.0%

0.0%

N/A

$0.00

$0.00

$0.00

N/A

83,387

31.8%

Totals

29

15,601,758

1,212,918

92.8%

981,248

231,670

6.3%

1.5%

7.8%

3.4%

$81.73

$50.70

$74.55

12.3%

692,956

38.9%

13,388

56,511

Year-to-Date
Leasing
Activity

Y-o-Y
% Change

MIDTOWN SOUTH NEW YORK OFFICE MARKET

Class B Statistical Summary
Total
Available
Space

Third Quarter 2013

Y-o-Y
% Change

Direct
Available
Space

Sublease
Available
Space

Direct
Vacancy
Rate

Sublease
Vacancy
Rate

Total
Vacancy
Rate

Y-o-Y
% Pt. Change

-6.2%

17,080

0.0%

1.4%

1.4%

-57.7%

97,384

32,100

4.4%

1.5%

5.9%

1,445,261

179,056

9.0%

1.1%

-67.8%

70,656

21,524

2.1%

181.2%

756,434

54,856

11.4%

2,369,735

304,616

8.0%

Number of
Buildings

Inventory

SoHo

12

1,214,134

17,080

Greenwich/NoHo

17

2,210,115

129,484

Madison/Union Square

124

16,133,688

1,624,317

53.7%

Hudson Sq./W. Village

11

3,348,220

92,180

Chelsea

24

6,624,809

811,290

Totals

188

29,530,966

2,674,351

36.7%

Submarket

Direct
Wtd. Avg.
Rental Rate

Sublease
Wtd. Avg.
Rental Rate

Total
Wtd. Avg.
Rental Rate

Y-o-Y
% Change

-0.2%

$0.00

$51.00

$51.00

-12.9%

4,614

-4.2%

$55.56

$52.85

$54.77

-9.2%

78,261

10.1%

3.5%

$56.16

$55.53

$56.13

20.6%

0.6%

2.8%

-5.8%

$57.00

$0.00

$57.00

0.8%

12.2%

7.2%

$68.27

$0.00

$68.27

1.0%

9.1%

2.4%

$59.65

$54.69

$59.39

20.0%

Y-o-Y
% Pt. Change

Y-o-Y
% Change

Year-to-Date
Direct Absorption
Rate

Year-to-Date
Total Absorption
Rate

-85.2%

4,782

(10,686)

36.0%

(11,341)

(18,721)

844,340

-26.9%

(372,735)

(311,853)

0.4%

56,416

-72.9%

(458)

6,408

48.1%

276,635

0.5%

(402,368)

(331,674)

1,260,266

-27.0%

(782,120)

(666,526)

Year-to-Date
Leasing
Activity

Y-o-Y
% Change

Year-to-Date
Direct Absorption
Rate

Year-to-Date
Total Absorption
Rate
(70,281)

MIDTOWN SOUTH NEW YORK OFFICE MARKET

Class C Statistical Summary
Number of
Buildings

Inventory

Total
Available
Space

SoHo

35

2,882,520

Greenwich/NoHo

17

1,246,050

Madison/Union Square

79

Hudson Sq./W. Village

Chelsea
Totals

Submarket

Third Quarter 2013

Y-o-Y
% Change

Direct
Available
Space

Sublease
Available
Space

Direct
Vacancy
Rate

Sublease
Vacancy
Rate

Total
Vacancy
Rate

Direct
Wtd. Avg.
Rental Rate

Sublease
Wtd. Avg.
Rental Rate

Total
Wtd. Avg.
Rental Rate

209,042

93.0%

182,368

26,674

6.3%

0.9%

60,434

-70.0%

41,284

19,150

3.3%

1.5%

7.3%

3.6%

$52.77

$44.86

$51.95

9.2%

113,741

-45.3%

(69,534)

4.9%

-9.2%

$49.85

$55.00

$51.14

29.1%

63,655

-0.9%

30,871

5,609,860

259,547

76.4%

177,755

81,792

3.2%

11,721

1.5%

4.6%

2.0%

$45.47

$38.00

$45.21

23.1%

238,581

22.6%

(59,178)

(111,610)

23

4,803,110

213,608

-77.1%

155,990

57,618

60

5,614,763

349,886

16.5%

338,511

11,375

3.2%

1.2%

4.4%

-14.9%

$43.80

$49.50

$44.54

-2.0%

153,845

-35.8%

40,388

8,179

6.0%

0.2%

6.2%

1.6%

$44.30

$39.00

$44.21

-0.4%

220,358

19.0%

59,507

55,058

214

20,156,303

1,092,517

-35.3%

895,908

196,609

4.4%

1.0%

5.4%

-2.5%

$46.18

$47.69

$46.29

5.3%

790,180

-11.4%

2,054

(106,933)

Y-o-Y
% Change

Sublease
Available
Space

Direct
Vacancy
Rate

Sublease
Vacancy
Rate

Total
Vacancy
Rate

Y-o-Y
% Pt. Change

Sublease
Wtd. Avg.
Rental Rate

Total
Wtd. Avg.
Rental Rate

Year-to-Date
Leasing
Activity

Y-o-Y
% Change

Direct
Wtd. Avg.
Rental Rate

Y-o-Y
% Change

Direct
Available
Space

Year-to-Date
Direct Absorption
Rate

MIDTOWN SOUTH NEW YORK OFFICE MARKET

Overall Statistical Summary

Third Quarter 2013

Number of
Buildings

Inventory

Total
Available
Space

SoHo

47

4,096,654

226,122

78.7%

182,368

43,754

4.5%

1.1%

5.5%

2.4%

$52.77

$45.36

$51.94

5.9%

118,355

-50.5%

(64,752)

(80,967)

Greenwich/Noho

37

4,795,217

478,390

-5.7%

427,140

51,250

8.9%

1.1%

10.0%

-1.1%

$88.89

$53.40

$85.43

79.9%

378,599

210.8%

118,895

309,248

Madison/Union Square

220

31,115,598

2,430,916

54.5%

2,098,398

332,518

6.7%

1.1%

7.8%

2.8%

$54.91

$48.26

$54.52

16.0%

1,316,940

-15.6%

(637,431)

(642,741)

Hudson Sq./W. Village

41

10,253,986

683,182

-53.8%

444,040

239,142

4.3%

2.3%

6.7%

-7.8%

$57.96

$53.58

$56.55

7.9%

349,128

-48.1%

159,471

(25,872)

Chelsea

86

15,027,572

1,161,176

97.2%

1,094,945

66,231

7.3%

0.4%

7.7%

3.8%

$62.12

$39.00

$62.02

36.8%

580,380

10.8%

(342,861)

(276,616)

Totals

431

65,289,027

4,979,786

16.5%

4,246,891

732,895

6.5%

1.1%

7.6%

1.1%

$61.26

$51.57

$60.34

22.8%

2,743,402

-12.0%

(766,678)

(716,948)

Submarket

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

Year-to-Date
Total Absorption
Rate

DOWNTOWN NEW YORK OFFICE MARKET - THIRD QUARTER 2013

DOWNTOWN NEW YORK OFFICE MARKET

Class A Statistical Summary

Third Quarter 2013

Total
Available
Space

Y-o-Y
% Change

Direct
Available
Space

Sublease
Available
Space

Direct
Vacancy
Rate

Sublease
Vacancy
Rate

Submarket

Number of
Buildings

City Hall

6,602,688

24,603

-65.1%

9,489

15,114

0.1%

0.2%

World Trade

11,902,802

3,225,551

623.5%

3,080,381

145,170

25.9%

1.2%

Inventory

Y-o-Y
% Change

Direct
Wtd. Avg.
Rental Rate

Sublease
Wtd. Avg.
Rental Rate

Total
Wtd. Avg.
Rental Rate

Y-o-Y
% Change

0.4%

-0.7%

$39.00

$25.00

$33.31

-20.5%

92,898

28.2%

74,633

27.1%

23.4%

$57.30

$31.01

$56.56

9.5%

314,424

-54.7%

(2,772,029)

(2,823,615)

Total
Vacancy
Rate

Y-o-Y
% Pt. Change

Year-to-Date
Leasing
Activity

Year-to-Date
Direct Absorption
Rate

Year-to-Date
Total Absorption
Rate

Financial West

663,315

72,824

0.3%

61,303

11,521

9.2%

1.7%

11.0%

0.0%

$38.57

$0.00

$38.57

9.3%

39,566

24.4%

(17,580)

(18,967)

Financial East

21

23,378,388

2,581,881

-23.0%

2,198,581

383,300

9.4%

1.6%

11.0%

-3.5%

$45.20

$34.42

$44.34

-1.6%

1,418,839

25.4%

430,782

286,845

Insurance

5,202,929

275,290

-27.2%

190,565

84,725

3.7%

1.6%

5.3%

-2.0%

$38.61

$39.80

$38.70

-1.8%

250,252

66.1%

61,277

89,425

Totals

47

47,750,122

6,180,149

43.1%

5,540,319

639,830

11.6%

1.3%

12.9%

3.8%

$51.65

$33.51

$50.71

12.2%

2,115,979

1.7%

(2,297,550)

(2,391,679)

DOWNTOWN NEW YORK OFFICE MARKET

Class B Statistical Summary

Third Quarter 2013

Total
Available
Space

Y-o-Y
% Change

Sublease
Available
Space

Direct
Vacancy
Rate

Sublease
Vacancy
Rate

Total
Vacancy
Rate

Y-o-Y
% Pt. Change

Direct
Wtd. Avg.
Rental Rate

76,240

11,657

2.4%

0.4%

2.8%

-0.6%

31,273

156,963

0.9%

4.3%

5.2%

-6.1%

401,190

31,002

11.8%

0.9%

12.8%

-24.5%

829,974

150,020

7.4%

1.3%

18.2%

468,414

12,014

8.2%

0.2%

-27.4%

1,807,091

361,656

6.6%

1.3%

Submarket

Number of
Buildings

Inventory

City Hall

3,192,893

87,897

-17.5%

World Trade

3,618,654

188,236

-54.0%

Financial West

3,387,600

432,192

-43.6%

Financial East

26

11,271,101

979,994

Insurance

10

5,712,767

480,428

Totals

56

27,183,015

2,168,747

Direct
Available
Space

Y-o-Y
% Change

Year-to-Date
Leasing
Activity

Year-to-Date
Direct Absorption
Rate

Year-to-Date
Total Absorption
Rate

83,240

-34.0%

31,191

19,534

209,067

183.1%

66,461

20,627

82.2%

188,941

164,120

687,108

3.1%

225,761

159,657

395,739

208.9%

220,393

216,902

1,686,366

44.7%

732,747

580,840

Total
Wtd. Avg.
Rental Rate

$56.34

$0.00

$56.34

51.2%

$38.19

$24.00

$31.38

-15.4%

-6.6%

$35.79

$32.10

$35.63

8.6%

311,212

8.7%

-2.8%

$37.43

$25.32

$36.33

3.9%

8.4%

1.3%

$33.57

$0.00

$33.57

-2.1%

8.0%

-2.8%

$37.00

$26.00

$36.24

4.7%

Y-o-Y
% Change

Sublease
Wtd. Avg.
Rental Rate

DOWNTOWN NEW YORK OFFICE MARKET

Class C Statistical Summary

Third Quarter 2013

Number of
Buildings

Sublease
Available
Space

Direct
Vacancy
Rate

Sublease
Vacancy
Rate

Total
Vacancy
Rate

Sublease
Wtd. Avg.
Rental Rate

Total
Wtd. Avg.
Rental Rate

Year-to-Date
Leasing
Activity

Y-o-Y
% Change

Direct
Wtd. Avg.
Rental Rate

Y-o-Y
% Change

Direct
Available
Space

Y-o-Y
% Pt. Change

Inventory

Total
Available
Space

Y-o-Y
% Change

Submarket

Year-to-Date
Direct Absorption
Rate

Year-to-Date
Total Absorption
Rate

City Hall

34

4,265,623

130,335

-11.4%

118,171

12,164

2.8%

0.3%

3.1%

-0.1%

$41.77

$0.00

$41.77

16.6%

75,424

-79.7%

(16,232)

(9,499)

World Trade

49,500

0.0%

0.0%

0.0%

0.0%

0.0%

$0.00

$0.00

$0.00

0.0%

0.0%

Financial West

1,360,707

200,423

136.6%

194,468

5,955

14.3%

0.4%

14.7%

8.5%

$35.69

$38.50

$35.73

3.1%

249,652

59.8%

125,000

125,000

Financial East

1,265,966

238,449

-0.1%

238,449

18.8%

0.0%

18.8%

0.0%

$31.07

$0.00

$31.07

10.1%

61,214

-3.4%

33,712

37,544

Insurance

24

2,981,401

291,887

76.4%

284,997

6,890

9.6%

0.2%

9.8%

4.2%

$35.32

$0.00

$35.32

10.5%

80,878

-41.2%

(133,038)

(137,569)

Totals

72

9,923,197

861,094

35.4%

836,085

25,009

8.4%

0.3%

8.7%

2.5%

$35.10

$38.50

$35.11

10.4%

467,168

-35.9%

9,442

15,476

DOWNTOWN NEW YORK OFFICE MARKET

Overall Statistical Summary

Third Quarter 2013

Total
Available
Space

Y-o-Y
% Change

Direct
Available
Space

Sublease
Available
Space

Direct
Vacancy
Rate

Sublease
Vacancy
Rate

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

1.7%

-0.6%

$47.08

$25.00

$46.40

26.2%

251,562

-55.9%

14,959

84,668

21.9%

16.4%

$57.10

$29.28

$56.09

24.4%

523,491

-31.9%

(2,705,568)

(2,802,988)

-2.4%

$36.02

$33.01

$35.93

8.5%

600,430

67.3%

296,361

270,153

10.6%

-3.1%

$42.18

$31.69

$41.37

0.1%

2,167,161

16.5%

690,255

484,046

7.5%

0.7%

$35.24

$39.80

$35.33

-0.7%

726,869

74.6%

148,632

168,758

10.9%

1.5%

$46.79

$31.31

$46.00

15.5%

4,269,513

7.4%

(1,555,361)

(1,795,363)

Total
Vacancy
Rate

Submarket

Number of
Buildings

Inventory

City Hall

50

14,061,204

242,835

-25.1%

203,900

38,935

1.5%

0.3%

World Trade

12

15,570,956

3,413,787

299.1%

3,111,654

302,133

20.0%

1.9%

Financial West

14

5,411,622

705,439

-23.6%

656,961

48,478

12.1%

0.9%

13.0%

Financial East

56

35,915,455

3,800,324

-22.3%

3,267,004

533,320

9.1%

1.5%

Insurance

43

13,897,097

1,047,605

10.3%

943,976

103,629

6.8%

0.7%

Totals

175

84,856,334

9,209,990

16.0%

8,183,495

1,026,495

9.6%

1.2%

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

Y-o-Y
% Pt. Change

Year-to-Date
Direct Absorption
Rate

Year-to-Date
Total Absorption
Rate