A Fresh Take on CRE

Available Sublease Space Soars, Rents Plummet--Grubb & Ellis New York City Market Trends--First Quarter 2009

First Quarter 2009 office market highlights:

  • Available sublease space hits 14.6 million square feet.

  • Sublets account for 30% of available inventory for first time since 2002.

  • Manhattan direct Class A average asking rents are down 8% from end of last year.

  • Leasing activity is down 45% as demand slows.

Here's the report