11 Times Square drives up availability

New York /
Dec.December 16, 2008 01:19 PM

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.


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
From left: Compass CEO Robert Reffkin, 1 Wall Street and Macklowe Properties chairman Harry Macklowe (Getty; Macklowe Properties)

Macklowe taps Compass to sell 1 Wall Street

Macklowe taps Compass to sell 1 Wall Street
Gov. Andrew Cuomo (Getty)

Cuomo stops city’s tax lien sale again. Will it ever happen?

Cuomo stops city’s tax lien sale again. Will it ever happen?
Jonathan Kalikow and a rendering of 3 Sutton Place

Court overturns ruling that would have upended “the whole land development industry”

Court overturns ruling that would have upended “the whole land development industry”
Authentic Brands CEO Jamie Salter with 611 Fifth Avenue (Getty; Google Maps)

Barneys to make a comeback

Barneys to make a comeback
Starcity CEO Jon Dishotsky, Ollie President Gregg Christiansen and Long Island City's Alta Tower (LinkedIn, Alta LIC via Facebook, iStock)

Starcity scoops up co-living rival Ollie’s assets

Starcity scoops up co-living rival Ollie’s assets
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...