New York City office landlords are increasing their use of “goodies” such as free rent periods and remodeling money to incentivize tenants to rent space, according to market reports.
These benefits are commonly known as concessions, hitting a record $173/sq. ft. in the first quarter in Midtown, up 3.3% from the previous year. This comes as a result of increased competition from new office space, specifically in West Side Manhattan. Read More..