New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-05-18
HIGH BUILDINGS AND RENTS.
SOME AGENTS DECLARE THERE HAS BEEN
\ FALLING OFF OF 10 PER CENT,
WHILE OTHERS SAY THERE
Is No CHANGE.

There Is good deal OF controversy among real
estate men 10 the results OF spring rentals
There those who stoutly insist that rentals have
held their own" all along the ;Ine while others
declare that IL s only by shrcwd management that
n falling eff OF some 10 per cent in rentals has
been kept from the public. or course this state
ment IS 10 he modified. according 20 the class OF
rentas There are instances where the rentals OF
stores. for example have fallen off considerably
When II to downtown Offices the struggle
among the agents Of the tail new buildings and
OF the oid-s;yle structures with their poor light
and slow elevators has been Intense The agents
OF some new buildings have gone so far as 10 pay
the expense Of removal In order 10 get tenants
to move from old building into the new structure
At the office OF George r. Read It was said yes
terday tina, rentals had held up well This state
ment applied particularly 20 Office buildings and
dwellings. II was insisted that there had been
no falling off n rentals. had been predicted
would be the case this spring. Mr.. Reads repre-
sentative said: There have been the usual re-
quests for a reduction in rents but no concession.
OF Importance have been made new feature In
rentals Is that there are many representatives of
out-of-own Interests who are taking Offices Instead
OF mere deskroom. The result is an addltiona. de-
mand for office rooms. 80 that the erection OF the
tail office buildings Is increasing the demand for
offices instead OF Cutting the market In the mat
ter OF lofts there has been large demand and
prices have been sustained
"o'' NoiuiHS OF fOIulnE * w nltenOuSe, took
an optimistic view of the situation. Rentals this
season." he sad have been satisfactory. The in
creased number OF tall office buildings has not
caused any reduction In rental values as a whole
downtown. 1t is true that have not in
creased. but they have he'd their own. In short
rents remain firm"
A the office of Richard V. Harnett & Co wholly
different view was taken Of the situation one OF
the best-informed men the present conditions
said; There has been average falling off of
10 per cent on rentals this season. IL II has moi
come IN one form. II has in another. great factor
with Old tenants s their dislike 10 moving in,o
new quarters To overcome this agents OF new
buildings have been Offering do the removal for
reduction in rent or "A percentage off. To meet
these offers on the part OF agents OF the new
buildings the representatives OF the older build
ings have made reductions induce former
tenants TO remain. The competition has been aha
and determined. The result has been an average
Offices" ~
This opinion confirmed in a general wov
az the office OF II. II. Cammann & Co This firm IS
engaged Largely In the renting of stores and offices
A representative of the firm sad This has been
hard renting season In several Instances there
nave been reductions In rents In upper Broadway
for Instance Rather than make changes and take
IAN the old tenants at a reduction. There have
hsen reductions on this account but no marked
diminut.ons In rents. There have been a few ex
ceptions In upper Broadway"
Looking the field over and taking into view the
desire or real estate dealers put the best foot
iorwatu me prevailing opinion appears to be that
" mas been a difficult matter TO keep rentals IN
Yet when this opinion g admitted by a broker he
fan" WIZ PIC" Wy "eA'