A Fresh Take on CRE

Concessions Foster Midtown's Recovery—Grubb & Ellis Manhattan Market Trends—May 2010

May 2010 Office Market Highlights:

• Since the height of the market, tenant improvement allowances have increased 35%

• Expect Midtown landlords to cut back on concessions as the market improves

• Availability in Midtown dropped for the sixth consecutive month

• Midtown South and Downtown experienced setbacks in April, as availabilities rose