Holy Moly - Manhattan office rents drop 44%

who cares about office rents?

Yeah, Alpine is right as always, who cares? Manhattan has an agricultural economy, so it's the cost of tillable acreage that really matters here.

"Yeah, Alpine is right as always, who cares? Manhattan has an agricultural economy, so it's the cost of tillable acreage that really matters here."

lol

*yawn*

wonderboy, why do you always have to remind us that you're a Young Adult With Narcolepsy?

> who cares about office rents?

Alpo, you're on the wrong board. We're talking about Manhattan.

Another great comment from the President of Jersey's idiots! Keep them coming!

this is a residential RE forum. Office rents are irrelevant.

so if office rents are plummeting, what does that say about the local economy ?

Yes, anything that shows alpo is an idiot is irrelevant.

"Manhattan has an agricultural economy, so it's the cost of tillable acreage that really matters here."

alanhart - Nice! What is the cost?

"Office rents are irrelevant."

If you know a bit about the history of Fidi, there are a number of buildings which got bought and sold a few times as office rents vs residential rents flip-flopped and the owner's plans for conversion changed back and forth.

Also, what do you think the delay in the WTC fiasco is really about? If they thought they were going to immediately get rented at big numbers, the project would be finished already. And if you think that having the WTC finished vs being a hole in the ground with uncertain future DOESN'T have an effect on the residential properties in both BPC and Fidi, I think you should think again.

Another also: that kind of drop in commercial rents is a very strong indicator of employment/unemployment and salaries in Manhattan. And again, if you don't think THAT has an effect on residential pricing i think you should think again.

alanhart - thanks for the two snickers ! heh heh

"after factoring in concessions such as months of free rent"

I think if someone factored in this key data to residential rents we would have a more accurate number and it will probably be close to office rent figures.
I know many people who signed new rentals with either 1 or 2 months free.
Each month free represents 8% less to the rent on a 1 year lease.