Boston is expected to return to a "healthy" sublease level this year, according to a new report.

"Though Boston traditionally lags the nation as a whole in its recovery, a limited sublease market and construction pipeline position the city for a stronger recovery relative to many of its national counterparts," according to CB Richard Ellis/New England’s special report on the Boston sublease market.

The report found there is more than 1.4 million square feet of available sublease space within the Boston market, down nearly 150,000 square feet since the beginning of the year.

"Although it appears the sublease market has passed its peak for this cycle, there are still some large financial firms holding large blocks of shadow space which may become available," the report found.

More than 60 percent of all sublease availability in Boston is located within Class A buildings. Sublease asking rents average $32.99, a deep discount when compared to the direct average rate of $42.08.

All rents are expected to continue to fall in 2010 but at a slower rate than last year as the sublease market stabilizes and places less pressure on direct rates, according to the report.

"A deceleration of layoffs in the news bodes well for a shrinking sublease market in the latter half of 2010," CBRE said in its report.