Downturn forces office landlords to offer reduced rents

Falling rents, extended periods of rent-free occupancy and construction allowances to attract new tenants and keep the old ones increasingly are part of being an office landlord. Boston Properties reported new tenants in Manhattan's GM Building are paying 17% less than the tenants who occupied the space before them. Another major New York landlord, SL Green, added nearly a month of extra free rent for tenants, bringing the period of occupancy without paying rent to 6.9 months.

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