Subleasing Provides Attractive Option in Current Market
The biggest increase in office space availability has been in the sublease market, according to commercial brokerage firm Colliers ABR.
For example, in Manhattan, the largest commercial market in the country, at least 16 large office blocks are being marketed for sublease—up from just three listed at this time last year.
In Central Texas, the region that contains the 16th largest city in the U.S. and the state’s capital—Austin, the sublease market represents an astounding 877,000 sq. ft. of available office space and is steadily increasing.
Analysts say that the sublease market is thriving due to the unrealistic pricing and unwillingness of some landlords to lower their rental rates.
If your lease is set to expire and you are planning to renegotiate a better rate with your landlord, shop the sublet market before you make your final decision—you might find a better deal.
Source: New York Times