The gap between starting rents and net-effective rents in Manhattan continue to grow

Since 2008, the gap between starting rents and net-effective rents has grown 22 percentage points to a peak of 28 percent as of Q3 2020
While starting rents have remained generally level since 2018, the drop of more than 6 percent in net effective rents have kept a growing different between the two metrics
This is in part due to rising concession packages which have helped to bring down the total effective cost of a lease
In the same time frame, 2008-Q3 2020, tenant improvement allowances have risen nearly 316 percentage points and the number of free months have risen nearly 144 percentage points
These trends have been exacerbated in 2020 where landlords have been giving increasingly higher concessions packages to adjust for the unknowability of the current economic situation