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October 22, 2015- Observer reports, “The question has long been asked, when will the bottom fall out on retail rents? The answer appears to be now.
Landlords throughout the city are cutting asking prices to make their properties more palatable to tenants—and this is before the rent decreases 10 to 15 percent below the asking price in the negotiation process. Brokers report being inundated with messages from colleagues notifying them that their landlord clients are decreasing asking retail rents $25 per square foot here, or $1,000 per month there.
“We’ve definitely hit a market top,” said one broker who asked to remain anonymous. “We’re getting emails from people—rent reduced, back on the market, this kind of stuff. I get 400 flyers a day.””