Commercial real estate news releases from Avison Young
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Available sublease space continues to soar to record highs
Avison Young releases first quarter 2023 Manhattan Office Market Report
New York, NY – Avison Young today released its First Quarter 2023 Office Market Report for New York, showing increases in sublease space and renewals and indicates trophy properties outperforming lower-tier asset classes. According to the report, trophy properties and top tier product continues to receive an outsized share of demand.Additionally, sublease share of availability has reached 24.3% and the availability rate has been pushed up to 19.7%, signaling opportunities for occupancy. Since year-end 2021, sublease available space increased by over four million-square-feet (msf) while total available space only increased by just under three msf.
“In Manhattan, available sublease space continues to drive overall availability upwards. Despite a slow start to the year, Avison Young sees the demand for top tier product as a positive sign of occupiers prioritizing their workforce and investing back into their teams,” said Dorothy Alpert, Principal and Tri-State President.
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Avison Young is a 2022 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 11 consecutive years.
For more information:
Media Contact:
Business Development
Avison Young is a 2022 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 11 consecutive years.
For more information:
- Download 2023 First Quarter Office Market Insights Report here.
Media Contact:
- Nathan Reyna, Media Relations & Content Specialist, Northeast: +1.917.877.1697
Business Development
- Dorothy L. Alpert, Principal and Tri-State President, New York: +1.212.729.7127
- Danny Mangru, Regional Manager, Market Intelligence, New York: +1.212.729.7140