Year-to-date returns for both apartment and office space grew bymore than 23%, according to published data from the NationalAssociation of Real Estate Investment Trusts.
The US office market has seen vacancy rates tumble and rentssoar. As GlobeSt.com reported previously in a conversation withCushman & Wakefield chief operating officer for the firm's NewYork Metro Region Joe Harbert, we may be on the cusp ofastronomical rents.
"A shortage of high-quality available space in Midtown and alack of new product on the horizon have given landlords the upperhand," said Harbert, Cushman & Wakefield's chief operatingofficer for the firm's New York Metro Region.
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