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Available sublease space continues to soar to record highs
April 5, 2023
Avison Young releases first quarter 2023 Manhattan Office Market Report
New York, NY –Avison Young today released its First Quarter 2023 Office Market Report for New York, showing increases in sublease space and renewals and indicates trophy properties outperforming lower-tier asset classes. According to the report, trophy properties and top tier product continues to receive an outsized share of demand.
Additionally, sublease share of availability has reached 24.3% and the availability rate has been pushed up to 19.7%, signaling opportunities for occupancy. Since year-end 2021, sublease available space increased by over four million-square-feet (msf) while total available space only increased by just under three msf.
“In Manhattan, available sublease space continues to drive overall availability upwards. Despite a slow start to the year, Avison Young sees the demand for top tier product as a positive sign of occupiers prioritizing their workforce and investing back into their teams,” said Dorothy Alpert, Principal and Tri-State President.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2022 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 11 consecutive years.
Download 2023 First Quarter Office Market Insights Report here.
Nathan Reyna, Media Relations & Content Specialist, Northeast: +1.917.877.1697