Brokers who represent buildings are laying out the red carpet for prospective tenants — no matter their size. Earlier this year, Nicholas Gilman of Byrnam Wood was representing a 4,square-foot tenant seeking a five-year lease in a Class A building in Midtown. He recalls that in the past after a tour, he would be lucky to get a follow-up call from the building. But this time around things were different. His tenant became a desirable prize that was coveted by two different properties.

The tenant was showered with offers of discounted swing space so it could be in the same building during the time the new space was being built to suit. And there were longer and longer periods of free rent.

According to Vicus Partners, each year, 58 percent of Manhattan tenants lease fewer than 5, square feet, while 68 percent lease fewer than 10, square feet.

Even if they are expanding, they are taking less than they would have in the past. There is also a growing amount of space available at both redeveloped buildings and buildings new to the market — which is increasing the competition. Since buildings are off the market while under construction or undergoing upgrades, the actual increase to the market will be about 2.

But even if the tenants lease square feet per person — and most now lease less — SLG thinks it will take 10, new jobs just to stay even with vacancy. Landlord hit with class-action lawsuit filed by nearly All Rights Reserved Terms of Use Privacy Your Ad Choices.

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