February 13, 2017
It’s not just new Downtown office spaces that are struggling to find tenants. Many subleased office spaces have been empty for more than a year.
Just take a look at the listings: As of February 2017, the average listing for subleased Downtown office space sat on the market 12.4 months. That doesn’t compare very well with sublease listings in Midtown, which had sat on the market an average of 8.3 months. In tech hub Midtown South, the average sublease listing was just 3.6 months old, according to JLL’s latest Chart of the Week.
The Water Street Corridor is the slowest submarket Downtown, with subleases sitting an average 16.3 months, compared to the Financial District (10.2 months), and the World Trade Center (8.6 months).
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