The Real Deal Miami

NYC financial firms drive subleasing trend 

September 03, 2008 09:19PM

In the last twelve months before July, office tenants around the country put up 13 million square feet for sublease, according to a report by Grubb & Ellis. The figure includes multiple 100,000-square-foot spaces from New York financial firms, leading to a decrease in Manhattan rents for the first time in four years. In addition to New York, other hard-hit markets include Richmond, Va.; Orange County, Calif.; Las Vegas; and southern Florida.