OVERALL MARKET
The availability rate has been similar for the 3rd quarter of 2021 to the 1st quarter of 2023. However, the vacancy rate has risen steadily each quarter to 14.0%. Tenants have more options now than in the 1st quarter of 2022.
In the 4th quarter of 2022, sublets made up 22.3% of the available space; Today, it has climbed to 23.6%.
67.4% of total availability is vacant in the 1st quarter of 2022. Today 77.6% of total availability is vacant as of Q1 2023.
In the 4th quarter of 2022, 8,123,667 SF was leased. In March 2023, 5,925,216 SF has already been leased.
MIDTOWN
The availability rate has been about the same from the 3rd quarter of 2021 to the 1st quarter of 2023. However, the vacancy rate has risen steadily each quarter to 13.8%. Tenants have more options now than in the 1st quarter of 2022.
In the 4th quarter of 2022, sublets made up 21% of the available space; Today, that number has climbed to 21.8%.
65.8% of total availability is vacant in the 1st quarter of 2022. Today 76.6% of total availability is vacant so far in 2023.
In the 4th quarter of 2022, 5,283,897 SF was leased. In March 2023, 3,873,947 SF was leased.
GRAND CENTRAL
The availability rate has been about the same from the 3rd quarter of 2021 to the 1st quarter of 2023. However, the vacancy rate has risen steadily each quarter to 14.8%. Tenants have more options now than in the 1st quarter of 2022.
In the 4th quarter of 2022, sublets made up 20.9% of the available space; Today, that number has climbed to 21 %.
72.3% of total availability was vacant in the 1st quarter of 2022. Today 77.3% of total availability is vacant.
In the 4th quarter of 2022, 535,177 SF was leased. In March 2023, 643,717 SF was leased.
MIDTOWN SOUTH
The availability rate has been about the same from the 3rd quarter of 2021 to the 1st quarter of 2023. However, the vacancy rate has risen steadily to 14.7%. Tenants have more options now than in the 1st quarter of 2022.
In the 4th quarter of 2022, sublets made up 20.5% of the available space; Today, that number has climbed to 22.2%.
70.4% of total availability was vacant in the 1st quarter of 2022. Today 81.7% of total availability is vacant.
In the 4th quarter of 2022, 1,864,749 SF was leased. In March 2023, 1,439,749 SF was leased.
DOWNTOWN
The availability rate has been about the same from the 3rd quarter of 2021 to the 1st quarter of 2023. However, the vacancy rate has risen steadily to 13.9%. Tenants have more options now than in the 1st quarter of 2022.
In the 4th quarter of 2022, sublets made up 27.7% of the available space; Today, that number has climbed to 29.7%.
69.3% of total availability was vacant in the 1st quarter of 2022. Today 76.7% of total availability is vacant.
In the 4th quarter of 2022, 975,021 SF was leased. In March 2023, 617,167 SF was leased.
