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Article: Suburban relocations on hold until NYC absorbs existing space. (Suburban Markets).(New York City office lease availablity)
- Article from:
- Real Estate Weekly
- Article date:
- October 9, 2002
- Author:
CopyrightCOPYRIGHT 2002 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Presently, there are approximately 100 New York City office leases (in excess of 100,000 SF citywide) that are anticipated to be expiring or approaching their renewal window in the near term. This limited activity (coupled with the presently reported office availability which includes sublease and direct space of over 45,000,000 SF) represents more than a 13% overall vacancy and may prove problematic.
Additionally, the average asking rents have dropped (at the close of the second quarter) by over $11 per SF. These are just some of the reasons the suburban market should anticipate limited, large-block, New York City relocations, for quite some time.
This ...
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