Bloomberg reports: Manhattan Office Rents Fall Most in Quarter Century.
Manhattan office rents fell the most in at least 25 years in the first quarter as financial companies slashed jobs and relinquished space in the U.S. recession.
Rents dropped 6 percent from the fourth quarter to $65.01 a square foot, commercial property broker Cushman & Wakefield Inc. said in a report today. The decline is the most in records dating back to 1984.
Rents are “falling faster than they did in the last two recessions,” Harbert said.
Firstly, any fool could've seen this. The optimistic cash-flow projections of the cheerleaders are going to get torpedoed.
Same for the home-pawners who plan to sit this out by "renting their place". Rents adjust very rapidly because you can either pay it or you can't. There's no "magical" place that rents can come from. Either you have the means or you don't.
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