CB RICHARD ELLIS

Midtown Manhattan Snapshot

www.cbre.com/research April 2011

Market Activity
Mar ’11 Feb ’11 Mar ’10 YTD ’11 YTD ’10
Leasing Activity 1.24 MSF 1.31 MSF 1.20 MSF 4.36 MSF 3.43 MSF
Absorption 0.26 MSF (0.01) MSF 0.48 MSF (0.68) MSF 0.43 MSF
Availability Rate 12.3% 12.4% 14.6%
Vacancy Rate 8.4% 8.2% 10.2%
Average Asking Rent $58.14 PSF $57.97 PSF $55.44 PSF
Taking Rent Index 87.5% 87.8% 84.3%

Definitions Hot Topics

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
Asking gross “face” rents (excluding all
concessions and tenant electric).
• New leasing activity in March paced slightly ahead of the five-year monthly average of 1.22 million
sq. ft.
• Year-to-date leasing paced 27% ahead of 2010’s robust activity.
• Strong leasing more than offset new availabilities that came online in March, pushing absorption
into positive territory for the month.
• Midtown’s availability rate was steady in March, dipping 0.1 point to 12.3%.
• Following February's substantial $2.15-per-sq.-ft. jump in average asking rent, average pricing
edged up an additional $0.17 per sq. ft. in March.

Leasing Activity
Total amount of square feet leased within Top Lease Transactions
a specified period of time, including pre-
leasing and purchases of space for Size (Sq. Ft.) Tenant Address
occupancy and excluding renewals.
1,336,351* NBC Universal, Inc. 30 Rockefeller Plaza
Net Absorption 430,816** Lazard, Ltd. 30 Rockefeller Plaza
The change in the amount of occupied
square feet within a specified period of 121,019 AXIS Reinsurance 1211 Avenue of the Americas
time.
119,902* Wilson, Elser, Moskowitz, Edelman & Dicker LLP 150 East 42nd Street
Taking Rent 97,500** Apollo Management, LP 9 West 57th Street
Actual initial base rent in a lease
agreement (excluding all concessions and * Renewal
tenant electric). ** Renewal & Expansion

Taking Rent Index

Initial taking rents (actual initial base rent
excluding all concessions and tenant
electric) as a percentage of asking rents;
index represents a six-month rolling
weighted average (for size and month).
Vacancy
Unoccupied space available for lease.
Major New Availabilities
• 78,000 sq. ft. of Neuberger Berman, Inc. sublease space at 605 Third Avenue
• 43,000 sq. ft. of Liz Claiborne, Inc. sublease space at 1441 Broadway
• 42,000 sq. ft. of Fortress Investment Group LLC sublease space at 1345 Avenue of the Americas
• 32,000 sq. ft. of direct space at 1325 Avenue of the Americas
• 30,000 sq. ft. of sublease space at 1500 Broadway

For more information regarding
MarketView, please contact:
Kurt Lindsey, Senior Director
CB Richard Ellis, 200 Park Avenue
New York, New York 10166
T. 212.984.8216 F. 212.984.8207
kurt.lindsey@cbre.com
This Snapshot reflects market activity through March 31, 2011. Unless otherwise agreed to in writing by CB Richard Ellis, this information may not
be re-distributed in whole or in part to any third party.
© 2011 CB Richard Ellis, Inc. CB Richard Ellis statistics contained herein may represent a different data set than that used to
generate National Vacancy and Availability Index statistics published by CB Richard Ellis’ Corporate Communications
Department or CB Richard Ellis’ research and econometric forecasting unit, CB Richard Ellis—Econometric Advisors. Information
herein has been obtained from sources believed 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 independently confirm its accuracy and
completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current
or future performance of the market. This information is designed exclusively for use by CB Richard Ellis clients, and cannot be
reproduced without prior written permission of CB Richard Ellis.