What types of rental concessions are being offered to prospective tenants in terms of free months rent

On Long island how many months free rent are being offered to prospective clients of class A space, more specifcally medical space, to entice them to sign leases. How much of a discount off of asking price does this amount to, approxmitely.
Thanks
In Leasing Property - Asked by THE LA PENNA G. - Mar 31, 2009
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Answer(s)

Lois D T.
Broker/Agent
Syosset, NY

There is no fixed answer. It depends on the availability of space in that town, combined with the amount of vacant space in the target building, and the quality of the tenant prospect. I try to put the free month(s) throughout the lease, so the landlord doesn't have to bite the bullet up front. (i.e.-like in a 5 year lease, give month 13 and 39)

Mar 31, 2009
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Karen W.
Broker/Agent
Boise, ID

A rule of thumb in this market is to ask for 1 month of free rent for each year of term. This equals a 9% discount in the rental rate.

Apr 30, 2009
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