Increases in asking rents along the Sixth Avenue corridor in Midtown may not necessarily reflect strong demand, according to a Savills Studley report.
The space available for sublet, which is generally cheaper than space rented directly from the landlords, dropped dramatically from 1.8 million square feet in the third quarter of 2011 to just over 1 million square feet, or about 19% of the total available space on the market in the 2014 second quarter.
The decrease in sublet space combined with more high-quality space available to rent directly has pushed prices up, said Heidi Learner, chief economist at Savills Studley...What's the Deal: Commercial Property Transactions in the New York Area
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New York City Office Sector Report (Q2 2014)