May 2009 Office Market Highlights
• 104,200 NYC jobs cut from August 2008 (since employment peaked) through March 2009
• Available sublease space up 23% this year totaling 15.3 MSF
• Landlords using aggressive disposition strategies to lease space
• Asking rents continue to depreciate, as much as 20% in some submarkets this year alone
• Investment activity remains sluggish
• 104,200 NYC jobs cut from August 2008 (since employment peaked) through March 2009
• Available sublease space up 23% this year totaling 15.3 MSF
• Landlords using aggressive disposition strategies to lease space
• Asking rents continue to depreciate, as much as 20% in some submarkets this year alone
• Investment activity remains sluggish
Here's the report
Wednesday, May 20, 2009
Declining Employment; Rising Available Supply—Grubb & Ellis NYC Office Market Trends—May 2009
Subscribe to:
Post Comments (Atom)
2 comments:
Unfortunately, New York City landlords are still not willing to lower their prices enough. I think it's hurting them more than they know.
I agreed with Alfred when it says:
" New York City landlords are still not willing to lower their prices enough. I think it's hurting them more than they know".
Post a Comment