The chill from macroeconomic pressures was evident throughout the sublease market. Tenants subleased fewer and smaller spaces this quarter than any quarter since early 2021.
The sublease statistics for spaces in the North and South Financial Districts fared better throughout the year than the rest of the City combined.
Each quarter this year more sublease space was put on the market than removed. Weak demand for space and more space availability created intense competition among sublandlords to secure a subtenant.