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With wealthy corporate tenants driving the boom in the Manhattan real estate market, this wouldn't seem the best of times for small companies seeking finished, or "prebuilt," office space.
The last time firms had their pick of offices in move-in condition, the market was in the deep slump of the early 1990s, and landlords were trying to woo tenants with everything from new desks and carpets to fully stocked pantries.
But prebuilds are maintaining their popularity these days, as property owners use decorated offices as a way to quickly plug vacancies in their buildings.
"Prebuilds are a growing percentage of the marketplace and a proven, successful strategy," says Joshua Kuriloff, senior director at Cushman & Wakefield Inc. "This will be a way of doing business throughout the next decade."
Like homebuyers, many commercial tenants are reluctant to undertake their own renovations. They'd rather leave it to the landlord, and after several cash-poor years, New York's property owners are again funding upgrades.
Although they usually charge...