Asking rents on the Sixth Avenue corridor in Manhattan have increased, but not because of demand. In fact, a huge amount of space is expected to hit the market when Time Inc. exits the neighborhood and moves downtown, according to The Wall Street Journal.
The rising rents can be attributed to a decrease in cheaper sublet space on the market and the increase in high-quality available space, according to a report by real estate firm Savills Studley. Space available for sublet dropped from 1.8 million square feet in third-quarter 2011 to just more than 1 million square feet in second-quarter 2014.Sixth Avenue office space
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New York City Office Sector Report (Q2 2014)