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Any link to the CEOs comments from this week?
“We’re dropping our rents in order to retain [tenants],” Mr. Holliday said. "All of our agents are under strict instructions that nobody gets out, nobody, unless there’s just nobody there. But if they’re there, they don’t get out.”http://www.observer.com/2009/real-estate/sl-green-tenants-nobody-gets-out
This implies that SLG will sign to some pretty generous terms for the short term. Holliday probably shouldn't have been so forthright in showing his hand. Clearly, he is worried about cash flow.Moving is expensive, but all a tenet has to do is find some cheap office space in NJ or LI and threaten to move, and viola, cheap Manhattan rents will appear.Will SLG go to, or below, $40/sf in mid-town???