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NY office concessions increase, signalling market strength: analysts

Data from Colliers International shows a 17% surge so far this year in landlord allowances for tenants to furnish and build out an office.

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Record-low unemployment in Manhattan and population growth throughout New York City, which has reversed a decades-old decline, are driving the real estate market.

PROPERTY landlords have roughly doubled the concessions they grant in New York office leases over the past decade, a sign analysts say is one of strength, not weakness, as tenants demand swankier workplaces to attract and retain employees.

Data from brokerage Colliers International shows

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