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NEW YORK CITY-Is 2014 going to be the banner year that some are predicting? That all depends on where you sit, contends Michael Cohen, president, tri-state region, Colliers International.

“Midtown South will continue to be the charmed market in Manhattan; technology and the other sectors that tend to cluster there will continue to grow and absorb a disproportionate amount of space,” he says. “ But the bigger story for next year is ‘what will happen in those markets to tenants who are being displaced by rentals that went from $30 per square foot to $50, $60, or even $80 if you believe some landlords. I think they will continue to flow into similar vintage buildings in the financial sector, so we will continue to see strength in pre-war financial district buildings, because of Midtown South refugees, and you’ll see some overflow into the north.”


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