Financial Fallout Will Impact NYC Office Market
September 18th, 2008
The developments at Lehman Brothers, Merrill Lynch and AIG will have their biggest impact on available sublease space, according to a Grubb & Ellis Co. report authored by research manager Richard Persichetti. And as there are other failures, acquisitions and consolidations already discussed or rumored, there is sure to be continued pressure driving vacancy rates up and rent prices down. Lehman Brothers and Merrill Lynch alone occupy approximately 6 million square feet in Manhattan.Entry Filed under: News
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