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|Sure, Manhattan has topped 10M SF in sublease space, with more expected, but there's a silver lining (and this isn't April foolin'). We visited CresaPartners principal Bob Stella, who tells us that tenants are finding better space, landlords, and flexibility. Smart tenants are evaluating their business, including real estate, and will latch onto long-term opportunity in this downturn. Additionally, landlords are now striking shorter-term deals or offering more concessions like free rent or a right to cancel.|
|Bob, with colleagues Paul Weir, Jamie Addeo, and Justin Halpern, says we may be approaching a bottom; the question is when it will rise. Expect to see continued short-term leases as tenants buy time, and more long-term leases will appear as tenants determine how business is faring by early '10. The city is also developing tenant incentives to spur further leasing activity. We're sure that's exactly what Bob will be pondering during an upcoming annual golf trip to Myrtle Beach.|