IN THE PRESS

Ruth in Bloomberg News / Excellent summary on the state of the NYC office market
Below is a link to an excellent article in Bloomberg News that ran on Friday regarding the glut of office space available in Manhattan. The article confirmed much of what we have said about the state of the market. I was quoted in the article as follows:
“The sublet spaces currently on offer at deeply discounted rates is a veritable flood of biblical proportions, with more likely to come online soon.”
The article made several other key points, including the following:
• There has been a 36% increase in sublet space in Midtown and an 80% surge in sublet space in the downtown financial district.
• Average asking rents in lower Manhattan fell to $61.59 per square foot in February. Further, the asking rents for sublets are frequently lower, ranging from $30-$60 a foot.
• The increase in sublet space is fueled by companies such as JP Morgan Chase, Uber, Condé Nast, S & P Global and Fitch Ratings. In my view, some of the sublets on offer are not driven by financial distress. Rather, these sublets are based upon anticipated reduced office need due to the rise of remote work.
Decision-making regarding your future offices is fraught with uncertainties at this time. Please feel free to tap our expertise regarding any issues or questions you may have. As always, we represent our clients with creativity, integrity and diligence.


I was quoted in a Bloomberg article discussing the status of (i) the Tiffany sublease on the 57th Street side of Trump Tower and (ii) Fifth Avenue retail space. Just so you don’t get confused while reading, the article correctly notes that our company Wharton Property Advisors is unrelated to Wharton Properties, which is a different company that sublets the Trump space to Tiffany along with S.L. Green.

