Mar
22
Midtown Landlords Trim Rents as Corporate Tenants Flee to Trendier Addresses
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To entice brokers to visit 530 Fifth Avenue, marketers offered gift cards worth around $150 whether they brought in potential tenants or not. CreditSam Hodgson for The New York Times
As businesses flock to new high-rises in of-the-moment New York City neighborhoods, older offices in more traditional business districts appear to be taking a hit.
In the last few months, rents in some of those types of buildings have been trimmed, unusual in an industry that is loath to cut prices, especially when other economic indicators are generally sound.
Throughout the industry, there is a growing sense that the office market might be overbuilt…
Midtown Landlords Trim Rents as Corporate Tenants Flee to Trendier Addresses
