12/31/2008

The Manhattan office market has fallen so far and so fast that brokers say "asking" rents are meaningless, and a Cushman & Wakefield executive says the rents really being paid are down 25% from this summer, once the concessions being given by landlords are factored in. When the financial markets collapsed, the supply of hedge funds happy to pay $125 a square foot dried up.

Full Story:
NYTimes.com

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