| Tenants are now catching a break in New York, with the pendulum swinging in their direction. Expect more space, cheaper rents and greater concessions, said CresaPartners principal Marcus Rayner when we visited his Park Avenue office. Now’s the chance to reconfigure workspace for future needs without the pressure of missing opportunities—but if you don’tplan, you can’t take advantage of the market. |
| Brokers, especially tenant reps, will also feel the changing landscape. In the short term, they’ll need to know how to negotiate flexibility in long-term leases and how to protect clients from defaulting landlords and sub-landlords. In the longer term, they’ll need to spend more time planning and consulting with clients to understand how issues such as employee mobility will affect future demand for space. |
But have no fear—Marcus (with colleagues Jennifer Lamb, Ken Witler and Paul Weir) provided us with tips for both clients and brokers looking to benefit from this market:
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TENANT SWING
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Marcus Rayner
, Paul Weir
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