Manhattan sublease supply is down 1.2 million square feet in the third quarter from 22 million in the first quarter, Savills Research is reporting.
Subleasing activity accounted for 23.4% of leasing activity during the third quarter, up from 15.7% a year ago which is contributing to the decrease in sublease supply.
The asking rent spread between direct ($79.85) and sublease ($58.94) space had widened to 26.2%. Average sublet asking rents have decreased 9.9% year-over-year while average direct asking rents have fallen 5.4% over the past year
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