Manhattan Office Market Oct 2009

October 2009
Manhattan average asking office rent    $50
Midtown                                    $56
Midtown South                          $42
Downtown                                 $39

Office tenants getting deal a great deal which they can lock for the next 10 - 20 years.  Asking rents down 20% but including free rents and improvements, net effective rents down a whopping 44%.  However, landlords are filling buildings and not dropping rents as rapidly as before.

http://therealdeal.com/newyork/articles/michael-stoler-good-things-coming-to-those-who-wait-it-out

http://therealdeal.com/newyork/articles/how-much-further-will-the-office-market-fall-with-low-cost-space-and-major-deals-at-399-park-avenue-with-boston-properties