Concessions for renewals in Manhattan remain elevated
Renewal total concessions values
![](/documents/191207401/196134365/Manhattan+DB+1.25.24.png/f46b7e37-1327-2b90-92d0-38d08585c779?t=1706211232198)
Renewal total concessions values
- In Manhattan, landlords are providing unprecedented concession packages to current tenants as a strategy to encourage long-term renewals for property stabilization.
- Between 2017 and 2019, the average total concession value for renewals was $119 per square foot. However, in 2023, the average total concession value for renewals rose to $190 per square foot, marking a substantial increase of 59.7%.
January 24, 2024