Increased Leasing Activity Still Outpaced by Space Returns - Grubb & Ellis New York Monthly Trends - December 2009

December 2009 Office Market Highlights:

• Availability rose 20 basis points since the summer to 14.7%
• The addition of 260,000 SF of sublease space brought the sublease supply back up to 16 million SF
• Class A net effective rents remain down 40% from market peak
• A potential rise in foreclosures could be a significant issue in 2010

Click here for the latest report!

Property Spotlight - 220 East 42nd St. - Partial 31st Floor

Today's availability is a beautiful high-end sublet from Phoenix Life Insurance Company. The space has spectacular view from the 31st floor of the East River and the UN campus. Used rarely for meetings and visitor space, the space is in perfect condition.

The quality of the installation is very high, with lots of glass and wood.

Here are the details on the space, click here for the full flyer.

Building: 220 E. 42nd Street

Rental Rate: Upon request

Size: 2,676 SF - Partial 31st Floor

Term: Through December 30, 2011
Possession: Immediate

Space Features:

- Strong sublessor

- Tower floor with incredible views

- Furniture available

- New, high-end installation

- Move-in condition

Building Features:

- Prime Grand Central location

- Acclaimed Art Deco lobby with revolving globe

- Easy access to Metro North, 4,5,6,7 & S Subways

Property Spotlight - 1350 Broadway - Partial 8th Floor

Today's availability is a sublet from Addison Search at 1350 Broadway. The space was recently built out, is in move-in condition and includes all furniture and phones. It's 5,877 SF with 3 windowed offices, 1 interior office, an IT room, a conference room and a pantry. The views and light are great, as this is a corner unit with Broadway and 36th Street Frontage.

The building is owned by W&H Properties, a great landlord that owns the Empire State Building and One Grand Central Place (formerly the Lincoln Building), among others. They specialize in taking older Class B buildings and renovating them to Class A standard with high-end traditional finishes. They are currently finishing up a $50mm+ renovation of the building, which includes a brand new lobby, new elevators and elevator mechanicals, new corridors, new bathrooms and an exterior overhaul.

To learn more about the space and see flyers and a floor plan, download the PDF flyer here.

1350 Broadway 5,877 sf—Part 8th Floor Features: - Possession: Arranged - Term: Through November 28, 2014 - New installation - Strong Sublessor - Corner unit with great natural light - Furniture and phones available - 3 perimeter offices and 1 conference room - Prime Penn Plaza/Garment Center location - Major building capital improvements nearly complete - Close proximity to Penn Station and 1,2,3,B,D,F,V,N,R,Q, and W trains