Grubb & Ellis New York has released its Fourth Quarter 2008 office market trends.
•Vacancy climbed to 6.6%, while availability soared to 11.6%
•Taking rents down 10% to 15% on average, while asking rents down only 2.5%
•Lease renewals accounted for 35% of 26.4 million square feet leased, compared to 22% in 2007
•Over 5.5 million SF sublease space added to market—28% of all available space
•Office investment volume down 69% from 2007
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