Office tenants look outside NYC for better deals

"As office space becomes increasingly expensive, New York City landlords are struggling to hold onto office tenants"

And when the job market turns around, those companies that relocated will be struggling to hold onto their employees. This is exactly what happened in the late '90s when Citibank relocated many of its employees to Stamford. Many of those employees -- themselves New Yorkers -- so hated the idea of commuting to Connecticut that they quit their jobs and looked for work elsewhere in the city. A friend of mine headed up that new office in Connecticut, and faced a chronic shortage of good talent. Eventually, the office moved back to Park Avenue.

"a friend of mine?" come on...mr. big shot vp...we all know you don't have friends.

Why are they moving to NJ instead of going to Downtown Brooklyn? Wished they would.

What's funny is that Manhattan office rents have dropped an effective 50% in some cases (crain's), but yet that isn't enough.

Thats not a good sign.