NEW YORK CITY-The Sixth Avenue office market, which at one time commanded some of the highest office rents in the city, is seeing a significant amount of sublease space come to market, which is dragging down rents on the avenue.
About six large blocks of office space have come on the market for sublease recently, according to the Wall Street Journal. More than 780,000 square feet of office space is currently available for sublease along Sixth Avenue, according to real-estate information firm CoStar Group Inc.
"Large contingencies of sublease availability will, in general, drag down rents nearby," says Noam Shahar, research director at New York City-based CompStak, which tracks office leases.
AXA Equitable recently subleased roughly 300,000 square feet at its office tower at 1290 Sixth Ave. by doing deals with Morgan Stanley, Sirius XM Radio and Rémy Cointreau. The rents in the sublease deals were in the mid $40s, although AXA is reportedly paying rent on the space at $88 a square foot. See story in the Wall Street Journal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
