Dropping Manhattan office rates means favorable market for tenants

03/5/2009 | Commercial Property Executive

Some Manhattan landlords have been forced to discount office rates as much as 20% as the demand for these spaces continues to drop. To hold onto their tenants, landlords could offer generous renewal packages to tenants with leases that expire in the next 12 to 36 months -- these tenants will likely have an abundance of available office space to choose from when their leases expire.

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