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The average amount of free rent that office landlords are offering to secure long-term leases jumped 12.5 months in the first quarter. That was a 29% increase from a year earlier, according to CBRE.

Free rent has risen sharply since 2019. From Q1 to Q3 2019, free rent fell from 9.5 to 8.5 months before jumping back to 9.5 months by the end of the year, according to CBRE. From Q4 2019 to Q4 2020, free jumped from 9.5 months to almost 11 months. Then it rose more than 1.5 months in Q1 2021.

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