* Tech firms have an average
sublease term of 4.4 years, one year shorter than the average
sublease term for non-tech tenants;
The most frequent users of tower
sublease space, according to Jones Lang LaSalle, are boutique hedge funds.
The vast majority of available
sublease space along the Wasatch Front today was once occupied by national credit tenants who are still honoring their lease agreements.
It's your tenant, telling you he wants to
sublease 10,000 square feet of office space.
The Avenue of the Americas space also came on and off the market in a matter of months, Turchin said, an unusually quick turn-around for
sublease space.
"The average time to market
sublease space exceeds 16 months, but UGL Equis was able to
sublease Galleon's space in just nine months, securing an above-market rental rate for Galleon," said the company in a statement.
The Subtenant should confirm that the term of the
sublease, including any renewal options, does not exceed the term of the ground lease.
Rapp represented Aon in its downtown move and is handling the roughly 91,372 s/f of remaining space at 55 East 52nd Street that Aon is seeking to
sublease. Located on the triangle shaped towers floors 32-34, the space was built out by Aon and is ready for immediate occupancy.
The amount of vacant
sublease space in NJ continued to increase before reaching its peak of 9.8 million square feet in 2002, representing the overwhelming ratio of 34.1% of the overall vacant space in the market.
The latest
sublease, on the fourth floor of 800 Third Avenue, went to Renaissance Technologies Corp., a firm that already occupies space in the building and is using the
sublease as an economical opportunity to expand.
The market will remain level with equal incentives and decreasing
sublease for at least the next year.
Ken Krasnow, senior managing director and head of Cushman & Wakefield's New York offices, said the increases in
subleases and renewals this year indicate that tenants expect the market to rebound from current levels.
