Grubb & Ellis New York has released its Third Quarter 2008 office market trends.

Here are the highlights:

The financial crisis and economic downturn has directly effected the NYC office market

Available sublease space increased to 8.9 million square feet with the addition of 1.5 million square feet this quarter
Class A direct asking rents declined for the second consecutive quarter, down 1% since the first quarter.

Leasing activity is down 20% from this time last year, with 19.9 million square feet leased through the first three quarters of 2008.

Click picture for the full report: