More Manhattan office sublease space is likely to become available albeit at a modest pace, as many organizations try to balance new, hybrid workforce strategies with their long-term space needs, says a second quarter report from Savills New York-Tri State Research Director Danny Mangru.
A larger wave of recently added direct available space has led to the significant rise in overall availability as sublet available space starts to decline, according to the report.
His study notes sublease supply dipped by 0.7 million square feet in Q2 2021 and now totals 21.3 million square feet (24.7% of total available space).
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
