May 2009 Office Market Highlights
• 104,200 NYC jobs cut from August 2008 (since employment peaked) through March 2009
• Available sublease space up 23% this year totaling 15.3 MSF
• Landlords using aggressive disposition strategies to lease space
• Asking rents continue to depreciate, as much as 20% in some submarkets this year alone
• Investment activity remains sluggish
• 104,200 NYC jobs cut from August 2008 (since employment peaked) through March 2009
• Available sublease space up 23% this year totaling 15.3 MSF
• Landlords using aggressive disposition strategies to lease space
• Asking rents continue to depreciate, as much as 20% in some submarkets this year alone
• Investment activity remains sluggish
Here's the report