Suburban relocations on hold until NYC absorbs existing space. (Suburban Markets).(New York City office lease availablity)

Real Estate Weekly | October 9, 2002| | Copyright

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 ...

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