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.
