Tuesday, April 07, 2009

Report: NY Office Rents Decline Sharply

by Bill McBride on 4/07/2009 03:25:00 PM

From Bloomberg: Manhattan Office Rents Fall Most in Quarter Century (ht Bob_in_MA)

Manhattan office rents ... dropped 6 percent from the fourth quarter to $65.01 a square foot, commercial property broker Cushman & Wakefield Inc. said in a report today. The decline is the most in records dating back to 1984 ...

“It’s gone beyond the financial firms,” Joseph Harbert, Cushman & Wakefield’s chief operating officer for the New York region, said in a telephone interview. “It’s broad across a lot of industries. ... Rents are “falling faster than they did in the last two recessions.”
Sharply falling rents. Hoocoodanode?