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.
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 a 17 per cent surge so far this year in landlord allowances for tenants to furnish and build out an office, indicating a more competitive market as employment booms in Manhattan.
Rising concessions typically herald a downturn. Yet, the allowance increase, on top of an 8 per cent jump through June in the number of free months rent landlords offer, points to the city's robust real estate market for office space.
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