Concessions given to office renters decreased on average in 2024, the first time they have done so since CBRE began tracking them in 2019.Concession packages peaked in 2023, when they included a tenant improvement allowance of $97.55 per SF and 9.6 months of free rent on average, according to a CBRE analysis of 4,350 leases in 12 markets nationwide.
“The decrease in concessions last year is another sign of stabilization and nascent recovery in the office market,” CBRE President of Americas Investor Leasing Mike Watts said in a statement.
Although both metrics declined in 2024, they remain about 30% higher than they were in 2019...
RSK: In case you missed the latest articles on this topic, office concessions by landlords are slowly getting back to normal for top tier space.
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- - Volume: 25 - WEEK: 12 Date: 3/18/2025 1:23:44 PM -