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As pandemic-led pressures mount for office landlords, they are ramping up offers of free rent and larger tenant-improvement allowances  to keep their space filled. 

Such concessions rose sharply in Q2, according to CBRE, which reports that there was a 6.6%, year-over-year decline in net effective office rent in the 15 largest US markets. Net effective rent takes into account financial concessions that will be subtracted from a lease’s contracted base rent. In comparison, base rentbefore concessionsdeclined by only 1.1% in the second quarter from a year earlier.

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Erika Morphy

 

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