From the September issue: Strong leasing velocity is beginning to remove the fear that the Manhattan leasing market will go into freefall, as landlords continue to provide aggressive incentives — such as rent reduction clauses and offers to buy out expiring leases — to get contracts signed, brokers said.
Incentives that were completely unheard of a year ago, or at least difficult to get put in a deal, are now being offered regularly, said Robert Stella, executive vice president at real estate advisory firm Cresa Partners.
“If you want favorable terms for expanding, or contracting, or lease cancellations, those are all on the table now,” he said.
