1/16/2009

Manhattan office rents could fall as much as 35% from the high mark they hit in the second quarter of 2008 as a result of Wall Street layoffs. "The pendulum has swung completely the other way from being a landlord's market to being a tenant's market," said Steve Chasanoff, a director at FirstService Williams. Rents have already fallen 21% in the economic downturn.

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