Absorption Activity Turned Sharply Negative in New York City After 9/11

Year Competions of Office Space (millions of square feet) Absorption of Office Space (millions of square feet) Vacancy rate (percent of existing space)
90 2.654 -9.218 15.50
91 1.548 -2.558 16.60
92 1.000 1.540 16.40
93 0.000 3.877 15.30
94 0.000 -2.820 16.10
95 0.000 4.230 14.90
96 0.000 8.459 12.50
97 0.000 16.566 7.80
98 0.000 9.869 5.00
99 1.627 4.024 4.30
00 0.000 5.312 2.80
01 -23.033 -36.623 7.10

Source: Torto Wheaton Research