Sublease space drives Manhattan’s availability near Great Recession levels

Occupiers brought 2.5 million square feet (msf) of new sublease space to the market during the quarter, including more than 20 blocks exceeding 50,000 square feet (sf). Key additions include 191,000 sf of space from Starr Companies at 399 Park Avenue and 147,000 sf of space from Omnicom Group at 1 Hudson Square. Sublease supply now totals 16.1 msf, and accounts for 26.7% of total available space – approaching 2009 levels of 16.3 msf and 30.3%, respectively. Overall market availability rose 150 basis points over the quarter to 13.3%, the highest level seen since the Great Recession.

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