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21CORNER OFFICE 22SHAKERS 23 24 NONPROFIT
WHOLLY MOLI: MADE
ON LONG ISLAND
LANDLORDS INCREASE OFFICE RENT CONCESSIONS
BY CLAUDE SOLNICK
In addition to an increase in remote work, social distancing and safety precautions, the
coronavirus pandemic is leading to an uptick in free office rent and tenant improvement
allowances, according to a new study.
The national report by Los Angeles-based commercial real estate firm CBRE found that
office landlords are in a more giving mood these days, at least when it comes to granting
concessions such as free rent and tenant improvement allowances to obtain new office
leases and renewals.
“This means that office tenants can find some advantageous terms in many markets,” said
Whitley Collins, CBRE’s global president of occupier advisory and transaction services. “At
least until the U.S. economic recovery gains more momentum.”
That’s in part because fewer office deals are closing and because companies are facing new
needs — and sometimes less need for space. All this is adding up to concessions that, when
taken into account, are the equivalent of lower rent.
It’s a renter’s market for office leases. (Getty Images)