MANHATTAN OFFICE MARKET - FOURTH QUARTER 2012

MANHATTAN OFFICE MARKET

Class A Statistical Summary

Fourth Quarter 2012

Number of
Buildings

Inventory

Total
Available
Space

Midtown

320

180,995,042

19,772,025

Midtown South

27

14,382,706

684,987

5.3%

627,077

Downtown

46

47,141,922

3,856,125

-6.4%

3,118,041

393

242,519,670

24,313,137

4.2%

19,366,836

Y-o-Y
% Change

Submarket

Totals

Y-o-Y
% Change

Direct
Available
Space

Sublease
Available
Space

Direct
Vacancy
Rate

Sublease
Vacancy
Rate

Total
Vacancy
Rate

Y-o-Y
% Pt. Change

Direct
Wtd. Avg.
Rental Rate

Sublease
Wtd. Avg.
Rental Rate

Total
Wtd. Avg.
Rental Rate

6.5%

15,621,718

4,150,307

8.6%

2.3%

10.9%

57,910

4.4%

0.4%

4.8%

738,084

6.6%

1.6%

8.2%

4,946,301

8.0%

2.0%

10.0%

Direct
Available
Space

Sublease
Available
Space

Direct
Vacancy
Rate

Sublease
Vacancy
Rate

Y-o-Y
% Change

Year-to-Date
Leasing
Activity

Y-o-Y
% Change

Year-to-Date
Direct Absorption
Rate

Year-to-Date
Total Absorption
Rate

0.7%

$75.07

$58.19

0.2%

$68.26

$39.07

-0.6%

$45.91

$31.77

$72.54

1.9%

10,226,359

-31.6%

599,105

(391,149)

$63.59

10.7%

665,892

-13.1%

53,772

59,612

$45.16

1.8%

2,779,338

-38.7%

709,325

401,779

0.4%

$70.15

$54.02

$67.95

2.8%

13,671,589

-32.5%

1,362,202

70,242

Total
Vacancy
Rate

Y-o-Y
% Pt. Change

Direct
Wtd. Avg.
Rental Rate

Sublease
Wtd. Avg.
Rental Rate

Total
Wtd. Avg.
Rental Rate

Y-o-Y
% Change

Year-to-Date
Leasing
Activity

Y-o-Y
% Change

Year-to-Date
Direct Absorption
Rate

Year-to-Date
Total Absorption
Rate

MANHATTAN OFFICE MARKET

Class B Statistical Summary

Fourth Quarter 2012

Number of
Buildings

Inventory

Total
Available
Space

Midtown

328

44,581,134

4,442,620

14.7%

4,113,722

328,898

9.2%

0.7%

10.0%

1.3%

$48.11

$44.01

$48.00

8.5%

2,868,652

-9.5%

(565,040)

(726,184)

Midtown South

186

29,468,182

2,141,315

35.3%

1,737,823

403,492

5.9%

1.4%

7.3%

2.0%

$52.57

$48.93

$52.03

14.3%

2,229,274

-3.2%

(66,346)

(171,989)

Downtown

57

27,758,202

2,959,127

5.6%

2,530,529

428,598

9.1%

1.5%

10.7%

0.7%

$34.96

$33.61

$34.84

-0.9%

1,515,238

0.2%

15,863

(37,098)

571

101,807,518

9,543,062

15.6%

8,382,074

1,160,988

8.2%

1.1%

9.4%

1.3%

$45.06

$41.88

$44.82

8.2%

6,613,164

-5.3%

(615,523)

(935,271)

Total
Available
Space

Y-o-Y
% Change

Direct
Available
Space

Sublease
Available
Space

Direct
Vacancy
Rate

Sublease
Vacancy
Rate

Total
Vacancy
Rate

Y-o-Y
% Pt. Change

Direct
Wtd. Avg.
Rental Rate

Sublease
Wtd. Avg.
Rental Rate

Total
Wtd. Avg.
Rental Rate

Y-o-Y
% Change

Year-to-Date
Leasing
Activity

Y-o-Y
% Change

Year-to-Date
Direct Absorption
Rate

Year-to-Date
Total Absorption
Rate
145,810

Submarket

Totals

MANHATTAN OFFICE MARKET

Class C Statistical Summary

Fourth Quarter 2012

Number of
Buildings

Inventory

Midtown

151

15,959,466

722,229

-12.7%

657,734

64,495

4.1%

0.4%

4.5%

-0.7%

$37.87

$35.41

$37.79

7.8%

901,914

-1.9%

153,412

Midtown South

217

21,384,607

1,774,776

-9.3%

1,710,543

64,233

8.0%

0.3%

8.3%

-1.0%

$43.98

$37.92

$43.88

5.3%

1,179,936

-13.6%

54,999

54,943

Downtown

74

10,352,397

688,230

-47.8%

659,546

28,684

6.4%

0.3%

6.6%

-5.3%

$31.72

$32.87

$31.74

-11.7%

858,116

47.4%

457,210

445,438

442

47,696,470

3,185,235

-22.4%

3,027,823

157,412

6.3%

0.3%

6.7%

-1.9%

$39.98

$35.97

$39.88

3.6%

2,939,966

2.5%

665,621

646,191

Y-o-Y
% Change

Direct
Available
Space

Sublease
Available
Space

Direct
Vacancy
Rate

Sublease
Vacancy
Rate

Total
Vacancy
Rate

Y-o-Y
% Pt. Change

Direct
Wtd. Avg.
Rental Rate

Sublease
Wtd. Avg.
Rental Rate

Total
Wtd. Avg.
Rental Rate

Y-o-Y
% Change

Year-to-Date
Leasing
Activity

Y-o-Y
% Change

Year-to-Date
Direct Absorption
Rate

Year-to-Date
Total Absorption
Rate
(971,523)

Submarket

Totals

MANHATTAN OFFICE MARKET

Overall Statistical Summary

Fourth Quarter 2012

Number of
Buildings

Inventory

Total
Available
Space

Midtown

799

241,535,642

24,936,874

7.2%

20,393,174

4,543,700

8.4%

1.9%

10.3%

0.7%

$68.77

$57.54

$67.36

3.0%

13,996,925

-26.5%

187,477

Midtown South

430

65,235,495

4,601,078

9.8%

4,075,443

525,635

6.2%

0.8%

7.1%

0.6%

$50.02

$46.46

$49.69

8.3%

4,075,102

-8.1%

42,425

(57,434)

Downtown

177

85,252,521

7,503,482

-8.9%

6,308,116

1,195,366

7.4%

1.4%

8.8%

-0.7%

$40.06

$32.86

$39.58

-0.8%

5,152,692

-22.2%

1,182,398

810,119

1406

392,023,658

37,041,434

3.8%

30,776,733

6,264,701

7.9%

1.6%

9.4%

0.4%

$60.40

$51.90

$59.54

4.0%

23,224,719

-22.8%

1,412,300

(218,838)

Submarket

Totals

NOTE: Only space that can be occupied within six months from the end of the current month is included in statistics.
Source: Cushman and Wakefield Research Services

MIDTOWN NEW YORK OFFICE MARKET- FOURTH QUARTER 2012

MIDTOWN NEW YORK OFFICE MARKET

Class A Statistical Summary

Submarket

Number of
Buildings

Murray Hill

10

Grand Central

68

Fourth Quarter 2012

Total
Available
Space

Y-o-Y
% Change

6,899,203

301,685

-38.1%

297,485

36,427,439

4,571,836

7.5%

3,825,093

Inventory

Direct
Available
Space

Sublease
Available
Space

Total
Vacancy
Rate

Y-o-Y
% Pt. Change

Direct
Wtd. Avg.
Rental Rate

Sublease
Wtd. Avg.
Rental Rate

Total
Wtd. Avg.
Rental Rate

Y-o-Y
% Change

0.1%

4.4%

-2.7%

$52.74

$47.00

$52.63

2.0%

12.6%

0.8%

$59.65

$44.81

$58.63

Direct
Vacancy
Rate

Sublease
Vacancy
Rate

4,200

4.3%

746,743

10.5%

Year-to-Date
Leasing
Activity

Y-o-Y
% Change

Year-to-Date
Direct Absorption
Rate

3.8%

456,390

-71.0%

252,081

253,525

4.1%

1,941,484

-45.1%

(82,035)

(371,544)

Year-to-Date
Total Absorption
Rate

United Nations

1,859,450

36,389

15.0%

36,389

2.0%

0.0%

2.0%

0.5%

$54.94

N/A

$54.94

41.6%

11,970

-75.8%

(27,529)

(27,529)

East Side

37

17,741,052

1,603,238

-4.2%

1,319,100

284,138

7.4%

1.6%

9.0%

-0.2%

$63.41

$60.40

$63.11

2.7%

1,185,425

1.1%

119,717

26,597

Park Avenue

30

21,652,799

2,098,810

2.7%

1,519,959

578,851

7.0%

2.7%

9.7%

0.3%

$83.15

$69.52

$80.32

-3.5%

1,076,989

-2.4%

257,914

4,400

Madison/ Fifth

74

21,597,596

3,492,322

10.0%

2,760,690

731,632

12.8%

3.4%

16.2%

1.5%

$101.46

$61.42

$97.63

0.0%

1,576,070

-17.8%

152,123

(202,799)

6 Ave/ Rock Cntr

41

38,003,977

4,071,665

17.9%

2,949,984

1,121,681

7.8%

3.0%

10.7%

1.6%

$80.04

$57.51

$73.49

1.3%

1,687,037

-24.8%

(579,986)

(443,870)

Westside

28

20,435,166

2,214,826

31.4%

1,691,267

523,559

8.3%

2.6%

10.8%

2.4%

$66.83

$54.76

$64.60

3.1%

1,230,024

-47.3%

58,340

Penn Station

6,576,415

353,028

27.4%

313,301

39,727

4.8%

0.6%

5.4%

1.2%

$57.63

$48.45

$56.69

2.3%

347,248

7.1%

(44,110)

(75,837)

Times Square South

12

7,323,711

1,020,948

-28.2%

901,172

119,776

12.3%

1.6%

13.9%

-5.5%

$76.32

$62.38

$75.44

6.1%

626,873

-8.1%

442,338

408,087

Lincoln Center

2,478,234

7,278

-87.3%

7,278

0.3%

0.0%

0.3%

-2.0%

$45.00

N/A

$45.00

-8.9%

86,849

1001.7%

50,252

50,252

320

180,995,042

19,772,025

6.5%

15,621,718

4,150,307

8.6%

2.3%

10.9%

0.7%

$75.07

$58.19

$72.54

1.9%

10,226,359

-31.6%

599,105

(391,149)

Totals

MIDTOWN NEW YORK OFFICE MARKET

Class B Statistical Summary

(12,431)

Fourth Quarter 2012

Number of
Buildings

Inventory

Total
Available
Space

Y-o-Y
% Change

Submarket

Direct
Available
Space

Sublease
Available
Space

Direct
Vacancy
Rate

Sublease
Vacancy
Rate

Total
Vacancy
Rate

Y-o-Y
% Pt. Change

Direct
Wtd. Avg.
Rental Rate

Sublease
Wtd. Avg.
Rental Rate

Total
Wtd. Avg.
Rental Rate

Y-o-Y
% Change

Year-to-Date
Leasing
Activity

Murray Hill

51

6,396,473

305,785

-15.4%

277,183

28,602

4.3%

Grand Central

64

7,270,513

757,900

22.3%

715,634

42,266

9.8%

Y-o-Y
% Change

0.4%

4.8%

-0.9%

$42.50

$40.04

$42.27

0.0%

542,287

32.6%

159,449

154,838

0.6%

10.4%

2.0%

$50.93

$38.09

$50.45

7.5%

513,175

-27.5%

(193,528)

(200,258)

Year-to-Date
Direct Absorption
Rate

Year-to-Date
Total Absorption
Rate

United Nations

810,198

N/A

0.0%

0.0%

0.0%

0.0%

N/A

N/A

N/A

N/A

N/A

East Side

22

1,110,473

29,512

-50.8%

29,512

2.7%

0.0%

2.7%

-2.7%

$53.94

N/A

$53.94

1.2%

42,214

-37.9%

25,314

25,314

Park Avenue

N/A

0.0%

0.0%

0.0%

N/A

N/A

N/A

N/A

Madison/ Fifth

47

3,073,031

214,645

40.4%

210,851

3,794

6.9%

0.1%

7.0%

2.0%

$66.40

N/A

$66.40

5.9%

71,128

-52.8%

(79,488)

(80,708)

6 Ave/ Rock Cntr

25

1,781,381

217,312

3.4%

210,812

6,500

11.8%

0.4%

12.2%

-0.1%

$52.37

N/A

$52.37

-2.8%

123,838

-24.7%

12,550

9,837

Westside

22

3,028,533

51,310

-65.1%

51,310

1.7%

0.0%

1.7%

-3.0%

$50.43

N/A

$50.43

4.4%

120,018

-45.1%

55,094

55,094

Penn Station

19

5,788,473

1,058,420

3.4%

1,042,023

16,397

18.0%

0.3%

18.3%

0.6%

$49.45

$55.00

$49.55

31.9%

312,034

4.1%

(278,462)

(267,742)

Times Square South

62

14,311,550

1,623,958

45.1%

1,392,619

231,339

9.7%

1.6%

11.3%

3.5%

$45.41

$44.49

$45.38

6.4%

1,132,797

-1.0%

(253,716)

(410,306)

Lincoln Center

1,010,509

183,778

2.2%

183,778

18.2%

0.0%

18.2%

0.4%

$41.15

N/A

$41.15

-6.0%

11,161

51.9%

(12,253)

(12,253)

328

44,581,134

4,442,620

14.7%

4,113,722

328,898

9.2%

0.7%

10.0%

1.3%

$48.11

$44.01

$48.00

8.5%

2,868,652

-9.5%

(565,040)

(726,184)

Totals

NOTE: Only space that can be occupied within six months from the end of the current month is included in statistics.

Source: Cushman and Wakefield Research Services

0.0%

N/A

MIDTOWN NEW YORK OFFICE MARKET- FOURTH QUARTER 2012

MIDTOWN NEW YORK OFFICE MARKET

Class C Statistical Summary

Fourth Quarter 2012

Number of
Buildings

Sublease
Available
Space

Direct
Vacancy
Rate

Sublease
Vacancy
Rate

Total
Vacancy
Rate

Sublease
Wtd. Avg.
Rental Rate

Total
Wtd. Avg.
Rental Rate

Year-to-Date
Leasing
Activity

Y-o-Y
% Change

Direct
Wtd. Avg.
Rental Rate

Y-o-Y
% Change

Direct
Available
Space

Y-o-Y
% Pt. Change

Inventory

Total
Available
Space

Y-o-Y
% Change

Submarket

Year-to-Date
Direct Absorption
Rate

Year-to-Date
Total Absorption
Rate

Murray Hill

22

1,070,823

65,810

27.4%

59,210

6,600

5.5%

0.6%

6.1%

1.3%

$38.62

$36.00

$38.36

13.4%

37,606

-51.2%

(13,985)

(13,985)

Grand Central

272,576

N/A

0.0%

0.0%

0.0%

0.0%

N/A

N/A

N/A

N/A

N/A

United Nations

N/A

0.0%

0.0%

0.0%

0.0%

N/A

N/A

N/A

N/A

N/A

East Side

43,000

N/A

0.0%

0.0%

0.0%

0.0%

N/A

N/A

N/A

N/A

N/A

Park Avenue

N/A

0.0%

0.0%

0.0%

0.0%

N/A

N/A

N/A

N/A

N/A

Madison/ Fifth

N/A

0.0%

0.0%

0.0%

0.0%

N/A

N/A

N/A

N/A

N/A

6 Ave/ Rock Cntr

368,885

23,727

42.7%

23,727

6.4%

0.0%

6.4%

-1.5%

$37.96

N/A

$37.96

8.5%

71,419

516.1%

11,289

11,289

Westside

21

2,322,389

153,072

57.0%

121,261

31,811

5.2%

1.4%

6.6%

2.4%

$37.07

N/A

$37.07

13.2%

144,470

-8.6%

Penn Station

20

2,226,447

17,621

-43.4%

8,321

9,300

0.4%

0.4%

0.8%

-0.6%

$42.57

N/A

$42.57

49.9%

47,786

-60.3%

22,515

13,215

Times Square South

73

9,600,346

461,999

-26.8%

445,215

16,784

4.6%

0.2%

4.8%

-1.8%

$37.90

$35.10

$37.82

5.4%

600,633

9.6%

144,066

177,575

Lincoln Center

55,000

N/A

0.0%

0.0%

0.0%

0.0%

N/A

N/A

N/A

N/A

N/A

151

15,959,466

722,229

-12.7%

657,734

64,495

4.1%

0.4%

4.5%

-0.7%

$37.87

$35.41

$37.79

7.8%

901,914

-1.9%

153,412

145,810

Totals

MIDTOWN NEW YORK OFFICE MARKET

Overall Statistical Summary
Y-o-Y
% Change

14,366,499

673,280

-25.2%

633,878

43,970,528

5,329,736

9.4%

4,540,727

2,669,648

36,389

15.0%

36,389

18,894,525

1,632,750

-5.8%

1,348,612

21,652,799

2,098,810

2.7%

1,519,959

121

24,670,627

3,706,967

11.4%

73

40,154,243

4,312,704

17.2%

Westside

71

25,786,088

2,419,208

Penn Station

45

14,591,335

1,429,069

Times Square South

147

31,235,607

Lincoln Center

15

3,543,743

799

241,535,642

Inventory

Murray Hill

83

Grand Central

137

United Nations

16

East Side

61

Park Avenue

30

Madison/ Fifth
6 Ave/ Rock Cntr

Totals

Total
Vacancy
Rate

Y-o-Y
% Pt. Change

Direct
Wtd. Avg.
Rental Rate

Sublease
Wtd. Avg.
Rental Rate

Total
Wtd. Avg.
Rental Rate

Y-o-Y
% Change

Year-to-Date
Leasing
Activity

Y-o-Y
% Change

0.3%

4.7%

-1.6%

$46.55

$40.12

$46.15

-0.4%

1,036,283

-49.7%

397,545

394,378

1.8%

12.1%

1.0%

$58.60

$44.36

$57.68

4.8%

2,454,659

-42.2%

(275,563)

(571,802)

1.4%

0.0%

1.4%

0.3%

$54.94

N/A

$54.94

41.6%

11,970

-75.8%

(27,529)

(27,529)

7.1%

1.5%

8.6%

-0.4%

$63.19

$60.40

$62.92

2.9%

1,227,639

-1.4%

145,031

51,911

578,851

7.0%

2.7%

9.7%

0.3%

$83.15

$69.52

$80.32

-3.5%

1,076,989

-2.4%

257,914

4,400

2,971,541

735,426

12.0%

3.0%

15.0%

1.6%

$99.72

$61.42

$96.22

0.1%

1,647,198

-20.4%

72,635

(283,507)

3,184,523

1,128,181

7.9%

2.8%

10.7%

1.5%

$78.11

$57.51

$72.41

1.9%

1,882,294

-22.2%

(556,147)

(422,744)

25.3%

1,863,838

555,370

7.2%

2.2%

9.4%

1.8%

$64.60

$54.76

$62.91

5.1%

1,494,512

-44.8%

102,961

379

7.3%

1,363,645

65,424

9.3%

0.4%

9.8%

0.7%

$51.58

$50.50

$51.53

22.3%

707,068

-5.0%

(300,057)

(330,364)

3,106,905

-2.0%

2,739,006

367,899

8.8%

1.2%

9.9%

-0.2%

$54.43

$53.41

$54.39

0.4%

2,360,303

-0.6%

332,688

175,356

191,056

-19.5%

191,056

5.4%

0.0%

5.4%

-1.3%

$41.30

N/A

$41.30

-8.5%

98,010

543.4%

37,999

37,999

24,936,874

7.2%

20,393,174

4,543,700

8.4%

1.9%

10.3%

0.7%

$68.77

$57.54

$67.36

3.0%

13,996,925

-26.5%

187,477

(971,523)

NOTE: Only space that can be occupied within six months from the end of the current month is included in statistics.

Source: Cushman and Wakefield Research Services

(42,284)

Fourth Quarter 2012

Total
Available
Space

Number of
Buildings

Submarket

(10,473)

Direct
Available
Space

Sublease
Available
Space

Direct
Vacancy
Rate

Sublease
Vacancy
Rate

39,402

4.4%

789,009

10.3%

0
284,138

Year-to-Date
Direct Absorption
Rate

Year-to-Date
Total Absorption
Rate

MIDTOWN SOUTH NEW YORK OFFICE MARKET - FOURTH QUARTER 2012

MIDTOWN SOUTH NEW YORK OFFICE MARKET

Class A Statistical Summary
Number of
Buildings

Submarket
SoHo

Inventory

Total
Available
Space
0

Fourth Quarter 2012

Y-o-Y
% Change

N/A

Direct
Available
Space
0

Sublease
Available
Space

Direct
Vacancy
Rate

Sublease
Vacancy
Rate

Total
Vacancy
Rate

Y-o-Y
% Pt. Change

N/A

Direct
Wtd. Avg.
Rental Rate
$0.00

Sublease
Wtd. Avg.
Rental Rate
$0.00

Total
Wtd. Avg.
Rental Rate
$0.00

Y-o-Y
% Change

N/A

Year-to-Date
Leasing
Activity
0

Y-o-Y
% Change

N/A

Year-to-Date
Direct Absorption
Rate
0

Year-to-Date
Total Absorption
Rate

0.0%

0.0%

0.0%

Greenwich/NoHo

120,000

N/A

0.0%

0.0%

0.0%

N/A

$0.00

$0.00

$0.00

N/A

N/A

Madison/Union Square

17

9,372,050

424,571

106.0%

366,661

57,910

3.9%

0.6%

4.5%

2.2%

$48.00

$39.07

$43.49

-4.8%

370,195

8.2%

(134,478)

(128,638)

Hudson Sq./W. Village

2,102,656

260,416

-41.4%

260,416

12.4%

0.0%

12.4%

-5.5%

$72.91

$0.00

$72.91

16.0%

232,412

-43.3%

188,250

188,250

Chelsea

2,788,000

N/A

0.0%

0.0%

0.0%

0.0%

$0.00

$0.00

$0.00

N/A

63,285

334.9%

Totals

27

14,382,706

684,987

5.3%

627,077

57,910

4.4%

0.4%

4.8%

0.2%

$68.26

$39.07

$63.59

10.7%

665,892

-13.1%

53,772

59,612

Y-o-Y
% Change

Direct
Available
Space

Sublease
Available
Space

Direct
Vacancy
Rate

Sublease
Vacancy
Rate

Total
Vacancy
Rate

Y-o-Y
% Pt. Change

Sublease
Wtd. Avg.
Rental Rate

Total
Wtd. Avg.
Rental Rate

Y-o-Y
% Change

Year-to-Date
Leasing
Activity

Y-o-Y
% Change

Direct
Wtd. Avg.
Rental Rate

Year-to-Date
Direct Absorption
Rate

MIDTOWN SOUTH NEW YORK OFFICE MARKET

Class B Statistical Summary
Total
Available
Space

Fourth Quarter 2012

Year-to-Date
Total Absorption
Rate

Number of
Buildings

Inventory

SoHo

11

1,113,748

6,394

-19.1%

4,782

1,612

0.4%

0.1%

0.6%

-0.1%

$43.18

$0.00

$43.18

-6.7%

31,244

-47.3%

15,441

13,829

Greenwich/NoHo

18

3,121,328

172,903

418.7%

160,483

12,420

5.1%

0.4%

5.5%

4.4%

$60.56

$0.00

$60.56

30.9%

59,307

-64.4%

(120,322)

(132,742)

Madison/Union Square

125

16,210,488

1,344,891

13.1%

1,147,154

197,737

7.1%

1.2%

8.3%

1.3%

$49.77

$46.54

$49.39

5.4%

1,391,841

2.0%

35,103

(30,679)

Hudson Sq./W. Village

11

3,348,220

214,062

114.4%

120,166

93,896

3.6%

2.8%

6.4%

3.4%

$56.18

$55.99

$56.10

37.6%

306,827

-19.8%

29,724

32,785

Chelsea

21

5,674,398

403,065

59.8%

305,238

97,827

5.4%

1.7%

7.1%

2.6%

$57.61

$39.15

$55.27

32.2%

440,055

32.9%

(26,292)

(55,182)

Totals

186

29,468,182

2,141,315

35.3%

1,737,823

403,492

5.9%

1.4%

7.3%

2.0%

$52.57

$48.93

$52.03

14.3%

2,229,274

-3.2%

(66,346)

(171,989)

Total
Vacancy
Rate

Y-o-Y
% Pt. Change

Y-o-Y
% Change

Year-to-Date
Leasing
Activity

Y-o-Y
% Change

266,301

Submarket

MIDTOWN SOUTH NEW YORK OFFICE MARKET

Class C Statistical Summary

Fourth Quarter 2012

Y-o-Y
% Change

Number of
Buildings

Inventory

Total
Available
Space

SoHo

36

2,972,906

121,016

Greenwich/NoHo

18

1,429,050

203,155

Madison/Union Square

79

5,609,860

138,437

-24.8%

Hudson Sq./W. Village

23

4,803,110

920,488

Chelsea

61

6,569,681

391,680

Totals

217

21,384,607

1,774,776

Submarket

Direct
Available
Space

Sublease
Available
Space

Direct
Vacancy
Rate

Sublease
Vacancy
Rate

71.1%

99,855

-22.0%

203,155
118,577

21,161

3.4%

0.7%

14.2%

0.0%

19,860

2.1%

0.4%

2.5%

-0.9%

910,488

-23.6%

378,468

10,000

19.0%

0.2%

13,212

5.8%

0.2%

-9.3%

1,710,543

64,233

8.0%

Y-o-Y
% Change

Direct
Available
Space

Sublease
Available
Space

Direct
Wtd. Avg.
Rental Rate

Sublease
Wtd. Avg.
Rental Rate

Total
Wtd. Avg.
Rental Rate

4.1%

1.6%

$47.27

$50.03

$47.45

-0.7%

35.9%

8,607

(4,135)

14.2%

-4.0%

$39.83

$0.00

$39.83

10.6%

72,257

-1.9%

26,602

54,912

-0.8%

$38.26

$0.00

$38.26

15.2%

247,320

-45.4%

77,099

59,739

19.2%

-0.2%

$45.17

$32.00

$45.03

1.9%

319,758

2.5%

(20,865)

(7,975)

6.0%

-2.0%

$44.48

$37.41

$44.21

2.2%

274,300

-17.3%

(36,444)

(47,598)

0.3%

8.3%

-1.0%

$43.98

$37.92

$43.88

5.8%

1,179,936

-13.6%

54,999

54,943

Direct
Vacancy
Rate

Sublease
Vacancy
Rate

Total
Vacancy
Rate

Y-o-Y
% Pt. Change

Sublease
Wtd. Avg.
Rental Rate

Total
Wtd. Avg.
Rental Rate

Y-o-Y
% Change

Year-to-Date
Leasing
Activity

Y-o-Y
% Change

Direct
Wtd. Avg.
Rental Rate

Year-to-Date
Direct Absorption
Rate

Year-to-Date
Direct Absorption
Rate

MIDTOWN SOUTH NEW YORK OFFICE MARKET

Overall Statistical Summary

Year-to-Date
Total Absorption
Rate

Fourth Quarter 2012

Number of
Buildings

Inventory

Total
Available
Space

SoHo

47

4,086,654

127,410

62.1%

104,637

22,773

2.6%

0.6%

3.1%

1.1%

$47.04

$50.03

$47.22

-0.9%

297,545

16.6%

24,048

9,694

Greenwich/Noho

37

4,670,378

376,058

28.0%

363,638

12,420

7.8%

0.3%

8.1%

1.6%

$48.62

$0.00

$48.62

31.6%

131,564

-45.2%

(93,720)

(77,830)

Madison/Union Square

221

31,192,398

1,907,899

20.8%

1,632,392

275,507

5.2%

0.9%

6.1%

1.1%

$48.53

$44.26

$47.93

6.1%

2,009,356

-6.9%

(22,276)

(99,578)

Hudson Sq./W. Village

41

10,253,986

1,394,966

-5.3%

1,291,070

103,896

12.6%

1.0%

13.6%

-0.2%

$51.58

$53.68

$51.74

4.3%

858,997

-22.2%

197,109

213,060

Submarket

Year-to-Date
Total Absorption
Rate

Chelsea

84

15,032,079

794,745

3.9%

683,706

111,039

4.5%

0.7%

5.3%

0.1%

$50.95

$38.77

$49.93

19.3%

777,640

14.8%

(62,736)

(102,780)

Totals

430

65,235,495

4,601,078

9.8%

4,075,443

525,635

6.2%

0.8%

7.1%

0.6%

$50.02

$46.46

$49.69

8.3%

4,075,102

-8.1%

42,425

(57,434)

NOTE: Only space that can be occupied within six months from the end of the current month is included in statistics.

Source: Cushman and Wakefield Research Services

DOWNTOWN NEW YORK OFFICE MARKET - FOURTH QUARTER 2012

DOWNTOWN NEW YORK OFFICE MARKET

Class A Statistical Summary

Submarket
City Hall
World Trade/World
Financial

Number of
Buildings

Inventory

Fourth Quarter 2012

Total
Available
Space

Y-o-Y
% Change

Direct
Available
Space

Sublease
Available
Space

Direct
Vacancy
Rate

Sublease
Vacancy
Rate

Total
Vacancy
Rate

Y-o-Y
% Pt. Change

Direct
Wtd. Avg.
Rental Rate

Sublease
Wtd. Avg.
Rental Rate

Total
Wtd. Avg.
Rental Rate

Y-o-Y
% Change

Year-to-Date
Leasing
Activity

Y-o-Y
% Change

Year-to-Date
Direct Absorption
Rate

Year-to-Date
Total Absorption
Rate

6,298,488

99,236

78.0%

9,489

89,747

0.2%

1.4%

1.6%

0.7%

$42.00

$41.75

$41.89

-5.7%

72,462

5.4%

22,060

1,863

11,902,802

387,075

16.6%

292,491

94,584

2.5%

0.8%

3.3%

0.5%

$53.30

$32.71

$50.45

-9.3%

868,293

-65.1%

13,061

(21,329)

Financial West

663,315

53,857

-48.5%

43,723

10,134

6.6%

1.5%

8.1%

-7.6%

$36.06

$32.00

$35.67

0.4%

42,352

-44.9%

(3,702)

18,523

Financial East

21

23,074,388

2,948,118

-11.3%

2,524,730

423,388

10.9%

1.8%

12.8%

-1.6%

$45.91

$28.98

$45.30

2.3%

1,617,852

2.1%

649,556

430,227

Insurance

5,202,929

367,839

21.2%

247,608

120,231

4.8%

2.3%

7.1%

1.2%

$39.10

$38.75

$39.07

5.8%

178,379

-43.6%

28,350

(27,505)

Totals

46

47,141,922

3,856,125

-6.4%

3,118,041

738,084

6.6%

1.6%

8.2%

-0.6%

$45.91

$31.77

$45.16

1.8%

2,779,338

-38.7%

709,325

401,779

DOWNTOWN NEW YORK OFFICE MARKET

Class B Statistical Summary

Submarket
City Hall
World Trade/World
Financial

Fourth Quarter 2012

Number of
Buildings

Total
Available
Space

Y-o-Y
% Change

Inventory

Direct
Available
Space

Sublease
Available
Space

Direct
Vacancy
Rate

Sublease
Vacancy
Rate

Total
Vacancy
Rate

Y-o-Y
% Pt. Change

Direct
Wtd. Avg.
Rental Rate

3,192,893

118,931

-19.4%

3,618,654

234,474

-37.5%

Sublease
Wtd. Avg.
Rental Rate

Total
Wtd. Avg.
Rental Rate

Y-o-Y
% Change

Year-to-Date
Leasing
Activity

118,931

3.7%

0.0%

3.7%

-0.9%

119,895

114,579

3.3%

3.2%

6.5%

-3.9%

$38.17

$0.00

$38.17

4.6%

132,775

$43.05

$25.39

$39.30

6.6%

205,793

Y-o-Y
% Change

Year-to-Date
Direct Absorption
Rate

Year-to-Date
Total Absorption
Rate

35.2%

21,072

23,348

-36.4%

179,993

85,464

Financial West

3,962,787

741,305

16.7%

735,124

6,181

18.6%

0.2%

18.7%

2.7%

$32.52

$28.00

$32.48

-4.2%

224,136

-15.6%

(34,562)

(40,743)

Financial East

26

11,271,101

1,415,863

11.5%

1,126,928

288,935

10.0%

2.6%

12.6%

1.3%

$35.67

$35.00

$35.56

2.0%

802,667

38.9%

(53,173)

(50,300)

Insurance

10

5,712,767

448,554

19.7%

429,651

18,903

7.5%

0.3%

7.9%

1.8%

$34.05

$0.00

$34.05

-5.1%

149,867

-39.2%

(97,467)

(54,867)

Totals

57

27,758,202

2,959,127

5.6%

2,530,529

428,598

9.1%

1.5%

10.7%

0.7%

$34.96

$33.61

$34.84

-0.9%

1,515,238

0.2%

15,863

(37,098)

DOWNTOWN NEW YORK OFFICE MARKET

Class C Statistical Summary

Fourth Quarter 2012

Number of
Buildings

Total
Available
Space

Y-o-Y
% Change

Sublease
Available
Space

Direct
Vacancy
Rate

Sublease
Vacancy
Rate

Total
Vacancy
Rate

Sublease
Wtd. Avg.
Rental Rate

Total
Wtd. Avg.
Rental Rate

Year-to-Date
Leasing
Activity

Y-o-Y
% Change

Direct
Wtd. Avg.
Rental Rate

Y-o-Y
% Change

Direct
Available
Space

Y-o-Y
% Pt. Change

Inventory

Year-to-Date
Direct Absorption
Rate

Year-to-Date
Total Absorption
Rate

36

4,694,823

117,452

-79.4%

98,555

18,897

2.1%

0.4%

2.5%

-9.2%

$36.31

$35.01

$36.26

-13.1%

461,810

51.8%

396,302

377,750

49,500

N/A

0.0%

0.0%

0.0%

0.0%

$0.00

$0.00

$0.00

N/A

N/A

1,360,707

105,570

-28.4%

99,615

5,955

7.3%

0.4%

7.8%

-3.1%

$34.64

$38.50

$34.75

-1.5%

159,973

65.6%

31,493

35,598

Financial East

1,265,966

300,942

10.4%

297,110

3,832

23.5%

0.3%

23.8%

2.7%

$28.72

$26.00

$28.69

5.2%

70,692

55.1%

(24,867)

(26,699)

Insurance

24

2,981,401

164,266

-49.8%

164,266

5.5%

0.0%

5.5%

-3.9%

$32.60

$0.00

$32.60

-2.5%

165,641

22.2%

54,282

58,789

Totals

74

10,352,397

688,230

-47.8%

659,546

28,684

6.4%

0.3%

6.6%

-5.3%

$31.72

$32.87

$31.74

-11.7%

858,116

47.4%

457,210

445,438

Submarket
City Hall
World Trade/World
Financial
Financial West

DOWNTOWN NEW YORK OFFICE MARKET

Overall Statistical Summary

Fourth Quarter 2012

Number of
Buildings

Total
Available
Space

Y-o-Y
% Change

Sublease
Available
Space

Direct
Vacancy
Rate

Sublease
Vacancy
Rate

Total
Vacancy
Rate

Direct
Wtd. Avg.
Rental Rate

Sublease
Wtd. Avg.
Rental Rate

Total
Wtd. Avg.
Rental Rate

Y-o-Y
% Change

Direct
Available
Space

Y-o-Y
% Pt. Change

Inventory

51

14,186,204

335,619

-56.6%

226,975

108,644

1.6%

0.8%

2.4%

-3.0%

$37.53

$39.43

$37.62

-7.6%

12

15,570,956

621,549

-12.1%

412,386

209,163

2.6%

1.3%

4.0%

-0.6%

$50.32

$29.73

$47.00

6.1%

Financial West

15

5,986,809

900,732

1.5%

878,462

22,270

14.7%

0.4%

15.0%

0.2%

$32.93

$31.65

$32.91

-4.0%

Financial East

56

35,611,455

4,664,923

-4.2%

3,948,768

716,155

11.1%

2.0%

13.1%

-0.6%

$41.68

$33.08

$41.04

-0.2%

Submarket
City Hall
World Trade/World
Financial

Insurance
Totals

Year-to-Date
Leasing
Activity

Y-o-Y
% Change

Year-to-Date
Direct Absorption
Rate

Year-to-Date
Total Absorption
Rate

667,047

41.6%

439,434

402,961

1,074,086

-61.8%

193,054

64,135

426,461

-2.9%

(6,771)

13,378

2,491,211

12.8%

571,516

353,228

43

13,897,097

980,659

-2.4%

841,525

139,134

6.1%

1.0%

7.1%

0.3%

$35.32

$38.75

$35.41

0.3%

493,887

-29.3%

(14,835)

(23,583)

177

85,252,521

7,503,482

-8.9%

6,308,116

1,195,366

7.4%

1.4%

8.8%

-0.7%

$40.06

$32.86

$39.58

-0.8%

5,152,692

-22.2%

1,182,398

810,119

NOTE: Only space that can be occupied within six months from the end of the current month is included in statistics.

Source: Cushman and Wakefield Research Services