Wednesday, October 28, 2009

Bargains Abound in New York’s Sublease Market

Post By Shawn Chandok

There is a fire sale these days on Park Avenue. Financial companies are trying to sublet space that they are no longer using in some of the most desirable office buildings in Midtown Manhattan, and the rents they are asking are heavily discounted compared with what landlords are seeking for similar space across the street — or even in the same buildings.

It started last fall, during the financial turmoil that was unleashed after Lehman Brothers collapsed. Many large financial companies dumped hundreds of thousands of square feet on the sublet market, with much of that space in prime Midtown locales near Grand Central Terminal, Rockefeller Center and the Plaza Hotel. Now, the sublet space that is still on the market is being offered at rents much lower than rents for space that can be leased directly from landlords in the same submarkets.

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