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U sure bout that? I’ve heard anecdotally of 3 and 4 months free being offered down in FiDi.
Arguably the areas that have younger tenants (like Murray Hill, East Village) and went back to their hometowns, and didn’t renew their leases this summer, and won’t have the new undergrads moving in.
Perhaps UES with young families leaving for suburbia but I doubt they’ll drop much because it’s still a desirable neighborhood.
Fidi makes sense to me because a lot of young professionals live there to be near their offices. No need for that anymore. Most of those buildings already offered 1-2 months free but 3-4 is high.
I have no data or facts this is my pure speculation based on demographic.
Murray hill and kips bay - I’m seeing reductions in the range of 20% in my building but occupancies are probably lower by way more. Landlords are careful not to start setting a precedent
Wow. What building?
I live in midtown east, and I am seeing 5-10% off for new listings. Just negotiated my next year’s lease to be about 4% lower than this year.