Tenants Gain Advantage in Office Tower Market

(The New York Times) In New York’s most exclusive office towers, the pendulum of power has swung from landlords, who last year basked in rising rents and competition for prime buildings, to tenants, who are now being offered incentives like prebuilt offices to fill empty spaces. And the leverage held by tenants is likely to continue through this year, market experts say.

Nine West 57th Street was one of the few trophy office buildings that ended 2011 on an upswing. Credit: Hiroko Masuike/The New York Times
Source: http://www.nytimes.com/2012/01/18/realesta...