China and India are growing between eight and 10%, Argentina hasrevitalized with 7% growth and Brazil has been stabilized, heexplained to a crowd of more than 100 at NAI Global's 2007 GlobalMarket Report meeting. That growth is also migrating to surroundingareas, with Vietnam, Thailand and Malaysia seeing increasedactivity, he said.

And on the US front, vacancies in class A office buildingsdropped two percentage points in 2006 to 9.85% and the rental rateshave increased 4.8% to $36.02, Finn said. He added that with NewYork City rental rates coming in at $175 per sf, other US cities"do not come close." Last year, San Francisco registered $73 persf, Washington, DC registered $55 per sf and Boston registered $50per sf. Globally, though, Hong Kong at $200 per sf and London at$190 per sf beat out New York City.

Backing up the popularity of office space in the city, NAI NewYork City chairman Joseph Genovesi explained that in 2006 more than40 office leases were signed above $100 per sf--triple the numberof leases signed at the rate in 2005.