Report: Rents of prime Manhattan spaces on the rise

07/11/2008 |

Direct average asking rents have declined in New York City's office market, but prime spaces continue to command high prices in select areas of Manhattan, according to Richard Persichetti, manager of client services at Grubb & Ellis. "Concessions in Midtown have already increased compared to this time last year, with an average of an additional $3 per sf in work being offered and one to two additional free months of rent included in the lease," according to a Grubb & Ellis report.

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