- New Developments
Themarket share of landlord concessions in Manhattan doubled from last yearto second highest on record, helping keep vacancy from rising. Face rents were up marketwide from the influxof new development units to the market.
Thestrength in the Brooklyn rental market remained in the lower half asprices continued to rise. Landlordconcessions more than doubled to the second highest on record as the marketshare of new development inventory increased.
Newleases in the northwest region of Queens, an area comprised of LongIsland City, Astoria, Sunnyside and Woodside, jumped as rents remainedflat. Use of concessions by landlordswere higher than in other boroughs.
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