Sublease Space Drops—Net Effective Rents Reach 2005 Levels—Grubb & Ellis Manhattan Office Market Trends—August 2009

August 2009 Office Market Highlights:

• Sublease space declined for the first time since November 2007
• Direct Class A net effective rents dropped to 2005 levels – averaged $54.84 PSF through July
• Robust leasing activity led to 2.75 MSF July transactions
• Availability expected to surpass 15% in next three months