Quick Survey: Concessions Are Back

NEW YORK CITY-Despite boasting to the contrary, building owners and brokers are apparently scurrying to close deals before the market dries up. In GlobeSt.com’s most recent Quick Survey, some 68% of respondents said that yes, indeed, concessions are becoming more prevalent.

Asked which giveaways are the most common in this current slowing cycle–and there should be no surprise here–free rent topped the list, garnering 45% of the vote. TI allowances were cited by 39% of the surveyed population and 5% clicked off expansion options. Some 11% of our respondents indicated “other.”

What might be surprising is that most voters (23%) said that the concessions are taking place in one of the nation’s tightest markets–the Northeast, although an equal amount also indicated the Southeast. This might be explained by the fact that these are taking place mostly in the slightly looser suburbs–or so say 56% of our respondents.

In terms of how other regions fared, the Southwest garnered 20% of the vote, West Coast/South pulled 12% of the responses and the Northwest and Midwest both received 11% of the vote.