Property News · January 19, 2017

Manhattan office landlords scramble to keep tenants as demand falters


Manhattan office landlords are facing falling rents and heightened competition, spurring unprecedented spending to accommodate tenants.
Effective rents, the amount paid after concessions, slid 7 per cent in the fourth quarter from the previous three months to an average of US$57.18 a square foot, according to brokerage Savills Studley. Leasing has slumped and tenants are putting more excess space on the market for subletting — often a sign of weakness to come.
With brand-new skyscrapers…

Source : South China Morning Post
Read more…Manhattan office landlords scramble to keep tenants as demand falters

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