The NYC market has seen a peak in activity this past month but that certainly is not an indicator just yet for what is to come. 71 % of this activity came as a result of renewals, including short term extensions. This is diametrically opposed to last year, where 71% of activity were new leases and expansions. Many of these renewals were for shorter term leases, showing the uncertainty of the market. The average New York asking rent is down by 0.4% since June, with a rise in sublet availability – all creating competition among landlords for tenants. Tenants have not been in a stronger negotiating position for quite a long time. Make sure your broker has an understanding of this market and the skills to leverage market conditions to your advantage.
Contact GE Grace for your leasing questions. With over 30 years of experience we are leaders of the industry and will help navigate this uncertainty.