13%. 13%. 12%. 12%. 12%. 12%. FIRE. Professional Services. Health Services. Entertainment/Recreation. TAMI. Consumer Goo
Sublease Availability Rate
Overall Average Asking Rent
Availability Rate (%)
14%
$80
12% $60
10% 8%
$40 6% 4%
$20
2% 0%
$0
Square Feet (in Millions)
Manhattan Leasing Activity 20
15
10
5
10 Year Rolling Average
Average Asking Rent ($/SF)
Direct Availability Rate
Manhattan Free Rent
Manhattan TI Allowance
2
$60 $50 $40 $30 $20 $10
0
$0 2008
2009
2010
2011
2012
2013
2014
2015
1%
2% 9%
12%
36%
13%
11%
12%
38%
11%
11%
13%
16%
YTD 2017
2%1%
2% 3% 12% 13% 8%
12%
2016
13% 23%
26%
FIRE
Professional Services
Health Services
Entertainment/Recreation
TAMI
Consumer Goods/Retail
Public Sector
Other
6% 3%
11%
11% 15%
37%
14% 15%
66%
22%
5,000 - 14,999 SF
15,000 - 24,999 SF
25,000 - 49,999 SF
50,000 - 99,999 SF
100,000 SF+
TI Allowance
$67.25
8.6
9.1
8.7
$61.70
$49.29
$55.41
8.0 5.7
$36.29
$46.35
$35.14
$24.38
4
$41.42
6.2
6
7.5
7.8
8
$60.05
9.7
$70
4.1
Free Rent (Months)
10
Block Size Range (SF)
< 25,000
21.04
25,000 - 50,000
278
9.73
50,000 - 100,000
8.81
100,000 - 250,000
7.30
> 250,000
5.23 0
3,446
125
48
10 5
10 15 Total Availability (MSF)
20
25
United States: 153 Canada: 29 Latin America: 24 Asia Pacific: 36 AZN: 42 EMEA: 111
$2.6 billion in annual revenue
2.0 billion square feet under management
15,000 professionals and staff
Colliers’ statistical sample set for Manhattan totals 510 MSF and includes all commercial office properties with at least 25,000 SF of office space, from 59th Street to the Battery and river to river. Colliers’ availability rate includes only office space scheduled for tenant build-out within 12 months. In tracking leasing activity, Colliers includes all lease types: renewals, expansions, relocations, and the occasional sale-leaseback.
Copyright © 2017 Colliers International. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.
