A Fresh Take on CRE

Robust Leasing Activity Despite Slight Increase in Availability—Grubb & Ellis New York Office Market Trends—4Q 09

Fourth Quarter 2009 Office Market Highlights:

• Availability increased by 10 basis points to 14.6% despite strong fourth quarter leasing activity
• Lease renewals accounted for 60 percent of deals signed for 100,000 square feet and greater
• Generous concession packages helped drop net effective rents to a five-year low
• Availability should peak in mid-2010