Rather than lowering rents, landlords are offering more freebies than ever to retain tenants or attract new ones. In Manhattan, cash gifts for tenants—typically used for kitting out new office space—have more than doubled since 2016. Across America, the average number of rent-free months has risen to its highest since 2013. Some property developers remain optimistic, betting that demand for office space will eventually bounce back. But with each new variant of covid-19, plans for a wide-scale return to the office have been delayed, and delayed again. And changing patterns of attendance look set to reduce the overall demand for space.
I cover this stuff in the press (boo hiss) and you’re 100% right. this is a battle to the death for office owners, and their banks. No one could handle having to actually pay for all of this real estate.
What’s it like being part of a group of socially harmful professional liars? Does it hurt in your soul? Or is the money good enough that your soul died some time ago and all you feel is $$$$?
