https://archive.is/2022.02.14-202112/https://www.economist.com/finance-and-economics/the-true-cost-of-empty-offices/21807703

Rather than lowering rents, landlords are offering more freebies than ever to retain tenants or attract new ones. In Manhattan, cash gifts for tenants—typically used for kitting out new office space—have more than doubled since 2016. Across America, the average number of rent-free months has risen to its highest since 2013. Some property developers remain optimistic, betting that demand for office space will eventually bounce back. But with each new variant of covid-19, plans for a wide-scale return to the office have been delayed, and delayed again. And changing patterns of attendance look set to reduce the overall demand for space.

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    3 months ago

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    • AcidSmiley [she/her]
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      3 years ago

      "the market is the best arbiter of prices, unless the market calls up prices that mildly inconvenience me in my attempt to get rich off other people's work :porky-happy: "

    • Usabilly [none/use name]
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      3 years ago

      They got a loan with that rent price on it. If they lower the rent, they'd have to pay more of the loan back. So those rents are never, ever coming down.