More sublease space, but who will take it?

Between July and December 2008, available sublease space in Manhattan rose to 11.2 million square feet from 7.2 million square feet, according to CB Richard Ellis. But as firms downsize staff and space, who will take the vacant offices? Robert Freedman, executive chairman of Williams Real Estate, said that although the financial services industry is the biggest contributor to the sublease pool, firms are also taking some of the space. In recent months, financial firms have signed 44 deals for sublease space in the city, and law firms have signed 20 deals for sublease space. However, the financial leases totaled only 9,850 square feet, while the law firm leases amounted to 24,300 square feet.