Saturday, December 19, 2009

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.

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