Sometimes when I am working with a tenant we find space that may have been vacant for some time, and the tenant logically suggests we put in an offer well below asking rents since the landlord may be desperate.
Sometimes they are but usually they refuse to even discuss the low bid.
Especially in multi-unit buildings, lowering rent for one tenant spreads to other tenants (word always gets around) who also want a lower rent.
Result ? a downward spiral that can destroy the value of a property that is valued on the amount of net income it produces.
Lower net rents means less cash for improvements and repairs, and often problems with mortgage lenders who have minimum debt service ratios on the building (go below and mortgage is in default)