---
title: Is Your Landlord Meeting the Market?
description: If you're currently negotiating with your landlord, they may have a cost basis of ownership that is simply too high to meet the current market.
---

[Office Space Blog ](https://www.noahre.com/blog)

# [Is Your Landlord Meeting the Market?](https://www.noahre.com/blog/landlords-meeting-market)

 Written by [Ben Blumenthal](https://www.noahre.com/blog/author/ben-blumenthal) | Oct 28, 2020 4:07:36 PM

As you may suspect, the Manhattan office market is very challenged right now as office demand remains flat in the face of increasing supply - a welcome sight to firms approaching a lease expiration.

While formal “asking rents” may have dropped slightly, the reality is that leases being signed are in fact transacting at significantly lower rents.

**On direct deals, we are seeing rates discounted by more than 20% off the pre-covid numbers; for subleases, some deals are closing upwards of 50% off the original asking price!**

If you're currently negotiating with your landlord at your current building, it's worth keeping in mind that they may have a cost basis of ownership that is simply too high for them to transact at a rental rate that meets the current market.

 

As always, staying up to date on market alternatives nearby can provide you with valuable information when negotiating with your landlord.

[View full post](https://www.noahre.com/blog/landlords-meeting-market)

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