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New York

Manhattan’s effective rents fall

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Effective rents, which include the cost of concessions offered by landlords, fell in Manhattan for the first time in six years in the first quarter with a 7 percent drop, and they are expected to continue falling as financial service firms cut staff and space, according to GVA Williams. The commercial real estate firm found that in the first quarter Midtown landlords gave tenants three to six months of free rent. Landords also were more generous with contributing to space improvements, giving $40-$50 per square foot, up from $35-$45.