UBS is searching for as much as 800,000 sq ft of New York-area office space, making it the biggest tenant shopping the market as rents fall, two people familiar with the plans said.

The bank has about 5m sq ft in New York City, suburban New Jersey and Connecticut and is considering offices either in Manhattan or outlying areas as its existing leases expire, New York-based spokesman Kris Kagel said in an e-mail response to questions.