Term expirations are showing up more frequently in the Manhattan sublease market, according to Savills' Manhattan Sublease Q3 2022 Report.
While subleases have accounted for 47.2% of sublease removals since the start of the pandemic, 15.3% of removals have been term expirations, Savills reported.
Sublease supply is down 1.8 msf from Q1 2021's peak of 22 msf (27.6%) of total available space). Supply declined in Q3 2022, "but is likely to remain elevated in the quarters ahead amid a backdrop of heightened economic uncertainty," the firm said.
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