From CRE News and CBRE. The available amount of sublease office space in Manhattan is equal to or greater than many small office markets... Mindboggling, yet not surprising. Do you suppose office space rents are going to be coming down?
"The amount of office space available for sublease in Manhattan rose 39% since mid-year 2008 to 11.9 million square feet, according to a report issued by CB Richard Ellis. The brokerage estimates that the sublet market could grow by another 4 million square feet in the coming months. Sublease space accounts for 29% of the market's total availability, with the bulk of it coming from financial services companies. That sector makes up 25% of Manhattan's 362 million-sf inventory.
Financial services companies AIG, Bank of America/Merrill Lynch, JP Morgan Chase and Barclay's/Lehman are among those expected to add more space to the borough's sublet market in the coming months." http://is.gd/lZkh
General , Manhattan Office Space , Office Space