The Real Deal New York

Repricing accelerates for Manhattan office market

By Adam Pincus | February 09, 2009 10:05AM

From the February issue:
Asking rent reductions that accelerated through the fourth quarter of 2008 continued in January, with prices down by as much as 30 percent from the peak last summer, commercial brokers said. The number of blocks of space in Midtown with dramatic price cuts quadrupled between September and December, according to a CB Richard Ellis report released last month. Tenant representative broker Norman Bobrow said he saw repricing all over Manhattan. “This has been going on since September of last year but has accelerated, really accelerated, in December and January,” he said.

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