“There’s actually more sublease space on the market than during the last downturn,” Mr. Delmonte said, referring to the recession from 2001 to 2004. “There’s more direct space as well.”
To wit: New York’s supply of subleaseable office space has mushroomed a preposterous 139.2 percent since the second quarter of 2007, from 7,141,426 square feet to 17,083,224 square feet. During the height of the last recession, sublease space peaked at the much lower quantity of 14,366,608 square feet.
By way of comparison—though, really, what American city’s office market can compare to New York’s?—Washington’s sublease supply has grown 84.2 percent in the same time period; Los Angeles’, 70.1 percent; and Chicago’s, 37.6 percent.