NYC Office Tenants Re-Negotiate Leases

Happening here as well. I can name two or three credit tenants who've asked for - and received - significant rent reductions since Thanksgiving. Read on...

NYC office tenants re-Negotiate leases
Jan 13, 2009 - CRE News

Manhattan office tenants are increasingly opting for short-term leases, which some landlords are accommodating because of the current weak market conditions. For example, Time Equities Inc. is offering small blocks of space at 125 Maiden Lane in at leases running from six months to a one year. It plans a similar strategy for its building at 131 W. 33rd St.

Short-term tenancy can hurt building values because lenders and potential buyers like to see buildings with stable long-term rent rolls. The practice hurts tenants by preventing them from locking in current market rents for the future when rental rates may increase.

CRE Direct