Effective Manhattan Office Rents off 45%

That stings a lot worse than the 22% drop reported by Cushman, earlier, but is adjusted for concessions. Crain's:

Despite an uptick in leasing activity in Manhattan during the third quarter, the office vacancy rate rose to 11.1%—the highest level in five years, according to the latest quarterly market report by Cushman & Wakefield. At the same time, net effective rents, the average amount paid by tenants after landlord concessions are factored in, hit levels that are 45% below their pre-recession peaks.

So far this year, Manhattan office leasing totaled 11.3 million square feet, down 27.8% from the same time last year. That represents the weakest leasing year in 13 years. Leasing for the entire year is expected to reach 15 million to 16 million square feet, said Joseph Harbert, chief operating officer of Cushman's New York metro region. That is far below the 25 million-square-foot level that typically defines a healthy market. Despite the dearth of deals, leasing activity during the third quarter rose to 4.9 million square feet, up 50% from the hugely depressed levels of the previous quarter.