‘Finance cities’ down but not out

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From the New York May issue: New York wasn’t the only city in the world to find itself in a tenant’s market last year. In fact, global office rents fell by 10 percent in 2009 compared to the previous year, according to Cushman & Wakefield. In particular, New York and other major banking centers, like Hong Kong and London, saw rents plummet as the economic crisis dealt a severe blow to the financial services industry. [more]