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But what spells success for Levels 3 and 4?" Annual rents reflect the preference for the lower floors, with ground-floor space commanding about $150 to $175 a square foot and rent dropping to $75 to $125 on the second floor, local brokers said.
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Over two months, the rent dropped.
He later requested a reduction, and the rent dropped to $1,750.
The rent dropped, the gifted-but-broke moved in, and things started to bubble.
The biggest monthly decrease was also in the south-west where rent dropped by 1.3%.
Over all, the number of vacant apartments for rent dropped to 3.19percentt last year from 4.01percentt in 1996, according to the survey.
Even areas like SoHo, which went from being one of the hottest retail areas of the city to one of the coldest, with annual rents dropping from $450 a square foot to under $300, can be seen as an opportunity rather then a disaster, according to some brokers.
Meanwhile, he notes, commercial real estate is going from bad to worse, with the business in full-scale meltdown mode, prices plunging, vacancies soaring and rents dropping.
In California suburbs, rents dropped 7.1percentt.
Between 1990 and 1993, during the city's last economic doldrums, rents dropped and hovered around $1,650.
Thousands of square feet of office space went back on the market, rents dropped and construction dried up.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com