Search
 

Broker Warns of Sublease Problems

TARRYTOWN, NY--There are nearly 900,000 sf of space sublet in more than 50 units between 10,000 sf and 50,000 sf. Many have between 2.5 and six years left on their leases.

By John Jordan | Updated on August 02, 2000

Commercial broker Scott Benson says sublease availabilities could inflate availability rates in the Westchester/Fairfield office market in the near future. Although the overall vacancy rate is hovering between 12% and 13%, the second tier/sublease market could prove problematic.

“What has emerged recently that may prove detrimental is a second tier/sublease market that presently nears 1.4 million sf of existing class A/B office space,” predicts Benson, owner of Benson Commercial Realty. “What is even more problematic is that there are nearly 900,000 sf in over 50 separate units that are between 10,000 sf to 50,000 sf, with many of these subleases having remaining terms of between 2.5 years to six years.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.