Concessions for renewals in Manhattan remain elevated

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