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Analysis

Manhattan Sublease Space Declines as Direct Space Rises

More than 50% of mid-size tenants have either re-occupied or backfilled their space instead of subletting them.

By Ted Knutson | July 13, 2021 at 07:00 AM

More Manhattan office sublease space is likely to become available albeit at a modest pace, as many organizations try to balance new, hybrid workforce strategies with their long-term space needs, says a second quarter report from Savills New York-Tri State Research Director Danny Mangru.

A larger wave of recently added direct available space has led to the significant rise in overall availability as sublet available space starts to decline, according to the report.

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