Office tenants look outside NYC for better deals

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With the Depository Trust and Clearing Corporation’s October decision to relocate 1,600 employees from an office at 55 Water Street in Manhattan’s Financial District to New Jersey, commercial real estate experts are suggesting that other large tenants may also follow suit. Accounting group Deloitte has suggested that it may relocate as many as 1,400 jobs from its two Manhattan office locations at Two World Financial Center and 1633 Broadway, over to New Jersey or Connecticut. As office space becomes increasingly expensive, New York City landlords are struggling to hold onto office tenants, the New York Observer reported. “Depository is perhaps the first of several we may see begin to explore” offices outside Manhattan, Pat Murphy, a vice chairman at CB Richard Ellis, said.

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