The Manhattan office market is currently coping with dull rents and lower values.

Realty advisors believe the sluggish market could undergo a sharp drop if any other big businesses start collapsing.

Last week, Bear Stearns nearly collapsed under the weight of the credit crisis before being bought by JPMorgan Chase & Co.

Real Estate brokerage companies in new York estimate that about half the 14,000 jobs at Bear Sterns will disappear, sharply reducing office space needs.

The Manhattan office market rests on the financial sector, which occupies about 35.6 percent of the roughly 391 million square feet of New York office space.