The February market snapshot from Colliers ABR says that class A sublet availability increased by approximately 500,000 square feet during the month, closing February at 9.5 million square feet, the highest level in nearly five years. Class B sublease space jumped 118% in a year, according to Colliers.

"While layoffs were announced throughout 2008, sublease options did not begin coming to the market until the latter part of the year," says James Delmonte, VP and director of research with JLL's New York office, in a release. "We anticipate Manhattan will see rising levels of sublease space into at least midyear 2009."

CB Richard Ellis' Manhattan Snapshot, issued on Thursday, puts Manhattan's overall availability rate at 12.5% in February, with a direct vacancy rate of 8.3%. The availability rate shows a slight uptick from January's 12.3%, notwithstanding a single big block of space--the 600,000 square feet at 685 Third Ave. that Pfizer will continue to occupy--coming off the market.