Reason: There is 3.2 million sf of sublease space on the market right now, up from one million sf in July, according to a previously reported study by David Murphy, a senior broker at CB Richard Ellis Inc.
"The bottom line is that it is a great time for large users to negotiate below-market rental rates, and an uncertain time for building owners who face an extended holding period before lease up," Grubb & Ellis's Jeff York, vice president, real estate advisory services group, tells GlobeSt.com.
"While the three million sf of vacant space represents only 3% of the entire metro area industrial market, it is still a large factor to be considered," York says.
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