The Real Deal New York

Landlords burned by confidence

Despite some increase in leasing activity, office building owners still can't get the upper hand

October 07, 2009 02:04PM
By Adam Pincus

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From the October issue: Despite new glimmers of hope for landlords battered by months of bad
news, tenants with good credit remain firmly in control of the
Manhattan office leasing market, brokers said. Steadier leasing volume, declines in availability rates and even
increases in asking rents for some segments of the market might appear
to strengthen the building owner’s hand, but brokers said there is
still too much product, and too few tenants. “It has improved [for the owners] in the sense that there may be more
activity,” said David Lebenstein, senior managing director for Colliers
ABR. “[Landlords] may be lucky in some cases. They may have more than
one option. But we see plenty of situations where the tenant is the
only game in town.”

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