When leverage is involved there is a lag. (If your building requires X per square foot to pay the debt, you may hold out longer for someone who will pay X versus renting for 0.9X.) But that is temporary.

The luxury housing boom is doing that to New York. I just negotiated my rent down by comparing the recently-discounted rent at the luxury building down the street to ours, counting up the amenities, and making my case for moving to the landlord. Not wanting to lose a good tenant in November, they acceded.