Pressured by rising rents throughout the city, many office tenants are seeking out less luxurious digs in an effort to cut costs — even though their companies’ image may suffer. Nearly two-thirds of Manhattan’s office space is reportedly in high-end buildings, where rents have more than doubled in the past 10 years. But Cushman & Wakefield says rents at Class B office buildings in Manhattan average $47.70 per square foot, almost $28 less than Class A rents. Tenants that have downgraded to Class B space include MTV, Harry Fox Agency Inc. and Renfro Corp.
Office tenants downgrade after rent hikes
November 19, 2007 11:42AM
