Manhattan’s sublet space on the decline

New York /
Mar.March 22, 2010 09:21 AM

In welcome news for Manhattan commercial real estate owners, the amount of sublet space on the market fell in February for the fourth month in a row, according to new data from Cassidy Turley. There was 15.2 million square feet of sublet space available — mostly from financial companies that are shrinking within their Class A office buildings — as of the end of the month, down 11 percent from the 17.1 million square feet on the market in October, the data show. Because the available inventory is seen as desirable, the firm is predicting further declines: JPMorgan Chase’s 150,000 square feet at 320 Park Avenue is nearing a deal, said Richard Bernstein, a vice chairman at Cassidy Turley, which is also representing the bank in the transaction. Sublet space tends to be cheaper than typical lease space, and has
played a large role in depressing office rents across the city. “The absorption of sublet space toward the end of the year will decline [as supply diminishes],” Bernstein said. [Crain’s]


Related Articles

arrow_forward_ios
From left: Jamie Dimon, chief executive officer, JPMorgan Chase and Don Peebles, chief executive officer, The Peebles Corporation (Getty Images, KPFF Consulting Engineers/Illustration by Steven Dilakian for The Real Deal)
Peebles, El Ad land $229M refi at Tribeca Clock Tower Building
Peebles, El Ad land $229M refi at Tribeca Clock Tower Building
Top banks keeping NYC employees home from Wall Street amid Covid surge
Wall Street banks keeping NYC employees home as Covid surges
Wall Street banks keeping NYC employees home as Covid surges
Dov Hertz lands $442M loan for Sunset Park warehouse project
Dov Hertz lands $442M loan for Sunset Park warehouse project
Dov Hertz lands $442M loan for Sunset Park warehouse project
Bet against retail costs investor big-time
Bet against retail costs investor big-time
Bet against retail costs investor big-time
JPMorgan CEO Jamie Dimon and 270 Park Avenue (Getty, Google Maps)
JPMorgan Chase will embrace “flexible” design for 270 Park HQ
JPMorgan Chase will embrace “flexible” design for 270 Park HQ
David Wolkoff of G&M Realty. (Getty, 5Pointz LIC)
Wolkoff family firm snags $350M loan for 5Pointz
Wolkoff family firm snags $350M loan for 5Pointz
The “flexible hybrid model” is set to debut in July in North America (iStock)
Et tu, Ford? Automaker lets 30K workers stay home post-pandemic
Et tu, Ford? Automaker lets 30K workers stay home post-pandemic
55-15 Grand Avenue, Queens; Phil A. Belling of LBA Realty; Jamie Dimon of JPMorgan Chase (Getty, RXR/BL Architects)
LBA lands $316M loan for Amazon warehouse in Maspeth
LBA lands $316M loan for Amazon warehouse in Maspeth
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...