Cutbacks slash prices in New York's sublease market

10/28/2009 | NYTimes.com

The scaling back at financial services companies means bargain prices in New York's sublease market. In most cases, subleasing space is cheaper than leasing directly from the owner. "If I am a tenant, and I can get sublet space on Park Avenue at a discount, why would I go elsewhere and pay more?" said Joseph Harbert, the chief operating officer of the New York metropolitan region for Cushman & Wakefield.

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