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0.70 MSF
Net Absorption
(0.44) MSF
Availability Rate
9.0%
Vacancy Rate
6.3%
$69.13 PSF
Sublease availability increased 20 bps to 2.3% yearover-year, with an average asking rent that rose 4%
over the same period to $55.61 per sq. ft.
Tenant
Address
37,358
Deloitte Digital
34,400
31,753
DoubleVerify
30,543 (RE)
Embassy Row
27,778 (R)
Q1-Q3
Q4
6
5
4
3
2
1
0
2009
2010
2011
2012
2013
2014
2015
2016
2015
2016
5Y Quarterly Avg.
350
Q3 2016
300
250
200
150
100
50
2010
2011
2012
2013
2014
N E T A B S O RP TI ON
Direct
16
Sublease
14
12
10
8
6
4
2
0
2009
2010
2011
2012
2013
2014
2015
2016
Q3 2015
Q3 2016
Midtown South
15
10
5
0
A V E R A GE A S K I N G R E N TS
Overall
80
Sublease
70
$69.13
60
$55.61
50
40
30
2009
2010
2011
2012
2013
2014
2015
2016
Q3 2015
Q3 2016
Midtown South
80
60
40
10,000-24,999 SF
25,000 SF+
20
0
Average
70
60
50
40
30
20
10
105
100
0
0
Months
*Identical concession packages will overlap in graphic. Average excludes highest and lowest values.
10
12
95.4
95
90
85
80
75
I N V E N TORY A T A G L A N C E
D E F I N I TI ON S
Availability Space that is being actively marketed and is available for tenant
build-out within 12 months. Includes space available for sublease as well as space
in buildings under construction.
Asking Rent Weighted average asking rent.
Concession Values The combination of rent abatement and T.I. allowance. The
graph is for new leases for raw space of 10,000 sq. ft. or greater consummated over
the past 3 months.
Leasing Activity Total amount of sq. ft. leased within a specified period of time,
including pre-leasing and purchases of space for occupancy, excluding renewals.
Net Absorption The change in the amount of committed sq. ft. within a specified
period of time, as measured by the change in available sq. ft.
Rent Abatement The time between lease commencement and rent
commencement.
Taking Rent Actual, initial base rent in a lease agreement.
Taking Rent Index Initial taking rents as a percentage of asking rents. This graph
represents a 6-month rolling weighted average (for size and month).
T.I. Tenant Improvements.
Vacancy Unoccupied space available for lease.
S U R V E Y C R I T ER I A
CBREs market report analyzes fully modernized office buildings that total 50,000+
sq. ft. in Midtown South, including owner-occupied buildings (except those owned
and occupied by a government or government agency). New construction must be
available for tenant build-out within 12 months. CBRE assembles all information
through telephone canvassing and listings received from owners, tenants and
members of the commercial real estate brokerage community.
C O N TAC TS
Nicole LaRusso
Director, Research & Analysis
+1 212 984 7188
Nicole.LaRusso@cbre.com
Beau Garrido
Senior Research Analyst
+1 212 984 8153
Beau.Garrido@cbre.com
Mike Slattery
Analyst Team Lead
+1 212 656 0583
Michael.Slattery@cbre.com
Danny Mangru
Senior Research Analyst
+1 212 895 0928
Danny.Mangru@cbre.com
To learn more about CBRE Research, or to access additional research reports,
please visit the Global Research Gateway at: www.cbre.com/researchgateway.
Disclaimer: Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy,
we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and completeness.
This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved and cannot be reproduced without prior
written permission of CBRE.