NEW YORK CITY-Given the dearth of new construction, the key is to make existing properties more competitive amid “one of the most challenging real estate markets in decades,” said Jack Nyman, director of the Steven L. Newman Real Estate Institute, as he set the stage for a seminar on doing just that.

Owners are seizing the moment when it comes to repositioning their office and multifamily assets, said panelist Marc Spector. Faced with a need to differentiate themselves in a tenant-friendly marketplace, they’re taking advantage of the drop in construction costs and starting the projects now, assuming that the financing is available.

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