Landlords keep tabs on job losses

From the April issue: Like most New York landlords, George Constantin is paying very close attention these days to unemployment statistics. Constantin recently negotiated renewals on 46,500 square feet of commercial space his company, Heritage Realty Services, controls in White Plains, so an up-to-the-minute awareness of the worsening local unemployment picture is prompting him to offer sweeter deals than normal. “There is a direct relationship with job losses: [Downsizing] companies don’t take space,” said Constantin, adding that the economic crisis means “we try to front-load with better terms for tenants, more free rent and, depending on the credit-worthiness of the tenant, we try to lessen their cash outlays.”
Private Sector Employment vs Manhattan Vacancy Rate