Needless to say, the bulk of the news was good, but JLL New YorkTri-State region president Peter Riguardi and Raymond Quartararo,managing director of project and development services for theNortheast region, also outlined the challenges that exist.Interestingly, many of the challenges are foreign born.

The positives are clear, in terms of sheer numbers alone.Riguardi stated that Manhattan represents some 45% of the nation'stotal CBD office market. And its employment base is essentiallyassured, given the fact that the city anticipates growth by onemillion residents in the next 10 years. But the challenges areequally clear, he stated, and the city must address such concernsas its "antiquated mass transit system and its overloadedinfrastructure."

But such potential hurdles can't cool a hot market, and Riguardicited such massive projects as the redevelopment of the Farley Postoffice and the rehabilitation of the West Side yards as key to thereshaping the face of the city. Corporate moves as well willcontinue to make headlines, and he referenced the Port Authority'snewly inked Downtown space and the coming (rumor says midsummer,though Riguardi wouldn't commit) relocation of Merrill Lynch asprime examples of Manhattan's corporate vibrancy.