Wall Street Is Awash in Sublease Space. It’s a Bad Sign for Landlords
- Rate of tenants leasing out offices downtown hits 8-year high
- Companies compete with their own landlords, undercutting rents
Commercial and residential buildings stand in the financial district of Manhattan in this aerial photograph taken over New York.
Photographer: Andrew Harrer/Bloomberg
This article is for subscribers only.
When the Murdoch media empire abandoned plans to move from midtown Manhattan to the World Trade Center two years ago, developer Larry Silverstein put on a brave face. “Make no mistake,” he said. “Downtown’s momentum is palpable and unstoppable.”
We’re about to find out.