The Real Deal New York

11 Times Square drives up availability

December 16, 2008 01:19PM
By Adam Pincus

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In November, the entire 1.1 million-square-foot building at 11 Times
Square was officially added to CB Richard Ellis’ list of available
space, helping to push net absorption to within a few thousand square
feet of the losses in 2001, data from a Manhattan report released today
by CBRE showed.

The SJP Properties speculative office tower at 42nd
Street has no reported signed leases.

Net absorption in Midtown, through November, stands at a negative 8.57
million square feet, compared with the total negative net absorption in
the 12 months of 2001 that was just below 9 million square feet. The
availability rate for Midtown in November was 11.5 percent, the report
showed, compared with 8 percent in November last year.

In Midtown South, net absorption was 270,000 square feet in November, with an availability rate of 10.5 percent; while Downtown net absorption was 300,000 square feet, according to the report. In Manhattan, overall net absorption last month was a negative 3.83 million square feet, while availability was 11 percent, up 2.8 points from November 2007.

In Manhattan, for the year through November net absorption was a negative 11.55 million square feet, compared to a positive absorption at the same time in 2007 of 950,000 square feet the data showed.

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