Looking For Cheap Rent – Check Out Manhattan’s Sublet Office Space
If you are looking to start a business, or have a growing business, in the New York City region, this is a great time to move up to a great office space. The prime real estate market is in turmoil as large employers are cutting back and they need less space. The excess office space is now being sublet, that is re-rented, at amazing discounts.
Imagine getting prime real estate in Manhattan for one third off what people were paying just 2 years ago. That is what the experts is saying is going on, and as layoffs are continuing, the rents may continue to tumble.
So for those looking to expand, this could be a golden opportunity to get some prime office space in the heart of Manhattan.
But real estate experts say the main way sublandlords are competing with office space that is available directly from building owners — often within the same building — is by slashing rents.
Robert Sammons, the managing director in charge of research at Colliers ABR, said that sublet space in trophy office towers along Madison Avenue and Park Avenue has been leasing for as little as one-third of what that space might have commanded in early 2008, at the height of the roaring market.
“A year and a half ago, this space might have leased for $150 per square foot,” Mr. Sammons said, while he has heard of recent sublets in high-end buildings in this office corridor with annual rents of as little as $40 to $50 a r square foot. “This is the most remarkable turnaround in pricing that I’ve ever seen in such a short period of time.” via NYTimes.com.
I truly feel that the real estate market will not see a rise or increase until the national economy starts ...
I am currently sitting on an international hedge fund that is investing 100% of an income generating property. Proof ...
Here is one from last week claiming thier son died. Sick.
Good Day,
Please excuse my late reply but I couldn't respond ...
I received the same "Lagos,Nigeria for an international Christian follower’s crusade" email as the post above for a rental place ...
FINALLY, someone agrees with me about the constant traffic problems in the DC metro area. The main problem...archaic freeways and ...
would also be interested in buying houses please contact me thank you ..richard 
I do a lot of BPOs and REOs as a real estate agent. Doing quite well for myself. I shifted ...
I received this response today...
Hello
I can see you are interested in renting the ...
I need the picture of beautiful small house in asia/gulf style like pakistan india.bagladesh and u.a.e
please provide me the best ...
It's been a long that I have not visited your blog and I think I am not up to date. ...
Comment by Portland Real Estate on 28 May 2009:
Interesting. Does this include residential rent? Manhattan rent has always been completely ridiculous and I don’t know how anyone can afford it. Maybe with the dropping rent prices a normal income family can actually survive, or a mid size biz while having a place in NY.
Comment by Tom Royce on 28 May 2009:
The residential market in Manhattan is off a bit, but the real issue is with the commercial market. The downturn in the financial sector, and every sector actually, has the city shedding jobs like a cat in the Georgia heat.
Comment by house for sale philippines on 29 May 2009:
My cousin go to Manhattan this weekend I will suggest what you have said so that she can visit and see the space for her new office.
Deirdre Gonzales
Comment by Rent Collection on 29 May 2009:
Now one can think about getting something for a reasonable rent closer to the city center. For property owners rent collection wont be a hassle i guess, what with the lower rates.
Comment by office rental ny on 17 December 2009:
Nice to have your office on the heart of Manhattan. Your office is easy to find.
-jed