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Cynthia Wasserberger, JLL managing director Cynthia Wasserberger, JLL managing director

NEW YORK CITY—While owners have for some time pre-built space to land tenants in smaller-size transactions, they are now agreeing to undertake expensive build-outs to land larger space requirements.

That is one of the newer trends taking place in the New York City office market, according to the latest report issued by brokerage firm JLL on the hedge fund market. Report author and JLL managing director Cynthia Wasserberger says that over the past few years, the strongest driver of demand for pre-built space in New York City has come from tenants in the under 10,000-square-foot category. She notes that many of these smaller-sized companies are reluctant or just plain unwilling to manage their own office construction.

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