In one year, the pendulum has completed it’s swing, with more than double the amount of office space for sublease on the market in New York City.  A year ago, we measured 3,557,000 square feet of space available for sublease.  Today, we have current listings for 8,189,000 square feet of available space representing a 130 percent increase in one-year. And we believe that this trend will continue for several years.

This is an excellent time for Tenants requiring new or additional space. We have not seen rent levels this low for more than 5 years and I am happy to report that the CRE arena seems to be revising it’s pricing schedules with a reality based supply and demand scenario.  Huge supply and Little demand means lower rent, more free rent, more landlord work.

We just put a beautiful midtown office space, comprising 7000 sq ft on the 16th floor at 48th Street and Second Avenue.   This space has 9 windowed offices (all more than 2 windows) and 23 workstations in a very bright, clean, modern setting.  It is an excellent work group space that is completely furnished, finished and in move in condition. And, the beautiful part is the asking price:

$45.00 per square foot           CLICK HERE FOR PHOTOS

This is clearly space that a year ago would have commanded twice that…and for the right, completely qualified subtenant this price might even be a bit negotiable.  Drop me an E-mail if you would like more details, or call me at (212) 986-3636