Office building owners provided more free rent and larger tenant-improvement allowances in the second quarter to secure new office leases and renewals amid a general slowdown in leasing activity due to the pandemic, CBRE says in a new report. The concessions led to 6.6% year-over-year decline in net effective rents in the 15 largest U.S. markets. The average length of free-rent periods rose to 10…

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Uptick in Concessions Means Q2 Decline in Net Effective Office Rents


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