Concessions for renewals in Manhattan remain elevated

Renewal total conce​ssions values

Renewal total conce​ssions values
  • In Manhattan, landlords are providing unprecedented concession packages to current tenants as a strategy to encourage long-term renewals for property stabilization.

 

  • Between 2017 and 2019, the average total concession value for renewals was $119 per square foot. However, in 2023, the average total concession value for renewals rose to $190 per square foot, marking a substantial increase of 59.7%.

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