Declining Employment; Rising Available Supply—Grubb & Ellis NYC Office Market Trends—May 2009

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