Sublet Space Jumps in Manhattan
Even before COVID-19, sublease space was growing.
Sublease space rose 4.2 MSF between Q4 2018 and Q1 2020, according to the Manhattan Sublease Market Overview from Savills. In Q1 2020, 26.2% of available space in Manhattan was sublet space. By comparison, sublet space hit a high 44.2% of total available space during the Dot Com and 9/11 crisis.