Stat of the Week: 15 Months
With summer officially upon us and our minds drifting about an upcoming departure for a vacation, it’s a good time to review the average time Manhattan office space takes to depart from the available supply. Through May 2016, available office space in existing buildings throughout Manhattan has been on the market for an average of 15 months. Surprisingly, Manhattan Class C space is listed on the market the shortest amount of time at only nine months, followed by Class B space at 11 months and Class A space at 19 months.
Midtown South, with the lowest vacancy rate in Manhattan at 6.2 percent, leads the three major markets with the shortest time on the market average of 10 months. Midtown comes in second with an average time of the market of 15 months. Available space Downtown has the longest time on the market average at 21 months.
The average time on the market for six of the 19 submarkets throughout Manhattan ranges from five to 10 months. These six submarkets—Greenwich/NoHo, SoHo, Madison/Union Square, Chelsea, Murray Hill and Penn Station—all have some of the lowest vacancy rates throughout Manhattan, ranging from 3.7 percent to 8.2 percent.
With 3,898 single-floor availabilities covered in this analysis, the data proves that 75,000-plus-square-foot floor plates have the lowest supply but are on the market the shortest amount of time. Below is a breakdown of the availabilities with the average time on the market.
- < 10,000 square feet: 2,194 spaces; 11 months
- 10,000 to 20,000 square feet: 949 spaces; 17 months
- 20,000 to 50,000 square feet: 692 spaces; 24 months
- 50,000 to 75,000 square feet: 54 spaces; 24 months
- 75,000-plus square feet: 9 spaces; 9 months
Despite single-floor availabilities less than 10,000 square feet accounting for 56.3 percent of the total spaces, these availabilities remain on the market less than a year, averaging 11 months. If only our own time away could last that long!