Some Midtown Manhattan office landlords lower rents

New York

MIDTOWN Manhattan office landlords are losing some power to set rents on their properties, even in the prized Park Avenue corridor, after five years of aggressive price-pushing.

Tenants at top-quality offices in Midtown paid 7.4 per cent less in February than at the end of last year, after a 13.3 per cent increase for all of 2015, according to data from research firm CompStak Inc. Landlords including SL Green Realty Corp, Manhattan's biggest owner of office towers, have lowered asking rents in some of their most desirable buildings. Others are holding the line.