Sublet availability in October rose to 9.8 million square feet, Robert Sammons, vice president of research at Cassidy Turley, wrote in the New York Observer. And even though a number of Downtown firms were forced to relocate to Midtown sublet space as a result of Hurricane Sandy, “it likely will not make much of a dent in the figure,” Sammons said.
The reason for this, he said, is that tenants with multiple office locations are devising ways to share desks at other offices. Also, firms are letting some employees work from home. [more]