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Office Tenants’ Taste for Robust Concessions Is Now Baked In

WASHINGTON, DC--Concessions have increased materially even as US real estate markets are rebounding, Sandy Paul, NGKF’s managing director of national market research, tells GlobeSt.com in an advance look at a new report.

Sandy Paul Sandy Paul

WASHINGTON, DC–Following the Great Recession the entire US, for the most part, became a tenant’s market. Landlords eagerly granted generous TIs and free rent to keep existing tenants and lure the occasional new one.

Markets around the US have long started improving but tenants don’t seem to have gotten the message. “Even though the markets have rebounded nationally concessions are still increasing for class A space,” says Sandy Paul, Newmark Grubb Knight Frank’s managing director of National Market Research and co-author of a report on the subject that the company is about to release.

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Erika Morphy

Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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