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 re…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
New US home sales jump to highest level since September
Hong Kong developer weighs stake sale in London office skyscraper project
How Hudson Yards went from ghost town to office success story
Private credit for real estate boosting green building premium
S$16.5 million deal at The Ritz-Carlton Residences tops Q1 gainers; seller reaps S$4.9 million profit
Forrest Li’s wife buys Gallop Road bungalow next to the one he has redeveloped