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New York

Small companies choose sublets over leases

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Smaller companies are taking advantage of sublease space being put on the market by financial services companies because sublease rents are much lower than rents offered by building owners, said David Dusek, senior managing director at Studley. The average sublease asking rent is $51.98 per square foot, compared to an average of $69 per square foot when space is leased from the building owner, the New York Post reported. And taking rents can be 35 percent less than asking rents. The Real Deal reported on sublease rents earlier this month.