New York office rents plummet; D.C.'s rents post small decline

01/8/2010 | Wall Street Journal, The

Office rents are one more indicator the U.S. government is now America's investment banker, and Washington has replaced Manhattan as the nation's financial center. Washington is on the verge of taking New York's place as the nation's most expensive office market. Of the 79 cities followed by researcher Reis, office rents in New York took the biggest fall in the final quarter of 2009. Meanwhile, Washington rents declined only 3%.

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