Crain’s is reporting that available sublease space in Class A buildings dropped 9 percent from 8.8 to 8 million square feet but that the impact of the historic drop isn’t driving rents upward due to a lack of office jobs. Class A rents continue to fall as asking rents dropped another 1.57 percent to $57.37 in September.
While it might seem like more bad news for Manhattan’s office market, consider the fact that prices are dropping at much lower rates and in some sections, rents have been slowly increasing. If your business is sitting on the fence regarding your next move, you should really consider consulting with a tenant rep because depending on your individual needs, you might miss the best opportunities and have to settle for fewer concessions.