Concession values index.Tenants achieved an average tenant--improvement allowance of $39.02 per sq. ft. and an average rent abatement A reduction, a decrease, or a diminution. The suspension or cessation, in whole or in part, of a continuing charge, such as rent. With respect to estates, an abatement is a proportional diminution or reduction of the monetary legacies, a disposition of property by will, when of 6 months in Midtown mid·town n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town leasing transactions concluded over the last three months, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a new measure of the value of lease concessions published by CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. . This new measure--called the CBRE CBRE CB Richard Ellis (real-estate firm) CBRE Chemical, Biological, Radiological and Explosive CBRE Component-Based Reliability Estimation CBRE Coldwell Banker Richard Ellis (Boston, MA) Concession Values Index--is a feature of CB Richard Ellis' enhanced monthly market report, CBRE MarketView, that the Company is unveiling this month. The CBRE Concession Values Index tracks rent abatement and tenant-improvement allowances per sq. ft. for new leases. Transactions considered include new leases of 10,000 sq. ft. or greater for raw space in Midtown, and new leases of 5,000 sq. ft. or greater for both raw and as-is space in Downtown and Midtown South, on a rolling-three-month basis. For Downtown, concessions packages over the past three months ranged from 1 month of rent abatement with no tenant improvement allowance for as-is space to 16 months of rent abatement and $45 per sq. ft. tenant improvement allowance for raw space. In Midtown South, concessions ranged from 3 months of rent abatement with no tenant improvement allowance for as-is space to 7 months of rent abatement and $50 per sq. ft. tenant improvement allowance for raw space. "Landlord concessions are an important economic factor in evaluating the office leasing market, but one on which it is very difficult to compile accurate and comprehensive information," said John F. Powers, CBRE's President of the Tri-State Region For other tri-state regions, see . The Tri-State Region is commonly used in the area surrounding New York City to unambiguously refer to the greater metropolitan area. Sometimes the phrase is shortened to "the Tri-State," or "the Tri-State Area" is used instead. . "Our large market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" , combined with our management approach, has allowed us to provide this unique and timely insight on the Manhattan marketplace." The CBRE Concession Values Index is one of two new features in the MarketView reports. The CBRE Taking Rent Index--which tracks the difference between published asking prices for office space and the initial taking rents that tenants actually pay when deals are consummated--is also being launched this month. |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion