Possible portfolio-wide rent increase in the works at SL Green

SL Green Realty, the largest commercial landlord in Manhattan, is poised to enact portfolio-wide rent hikes, according to Crain’s, as leasing activity in office space begins to gradually stabilize. Steven Durels, director of leasing and property at SL Green, said that it’s too early to tell precisely how much the rates could climb for his company’s 30-building portfolio, which encompasses around 22 million square feet. If the across-the-board rent hikes are enforced, Durels said they would take place in the next two months. Additionally, SL Green plans to reduce the number of tenant incentives it handed out during the recession. “In spaces where there had been no activity [in the past several months], we are now in active lease negotiations,” Durels said. “It feels pretty good.” [Crain’s]