CompStak, a new crowdsourced lease comp database, recently issued its latest Effective Rent Report for Manhattan:
Rents for “Class A” space in the the largest and most expensive U.S. office market dropped 7.1 percent in the third quarter from the previous three months, according to the New York-based leasing-data provider. It was the biggest decline since the months following the credit crash, which led to rent cuts in late 2008 and early 2009, CompStak said in a report.[…]
Class A rents in Manhattan fell to an average of $58.42 a square foot as of Sept. 30 from $62.88 at the end of the second quarter, CompStak said. Unlike reports issued by brokerages, CompStak tracks rents agreed to, including the impact of such concessions as free months, rather than what landlords are seeking.
The full report is below.
CompStak is only in New York, San Francisco and soon Washington D.C. So, if you are not in one of these markets, you might want to check out the LeaseMatrix CompVault™.
Using it, many brokers already have more lease comps than they realize.