"We have 125,000 sf leases coming in the next 10 days," said William Macklowe, president of Macklowe Properties, Macklowe's company made history earlier this summer with the record-breaking $1.4 billion winning bid for the GM Building. He anticipates that leases in that property will remain in the $120 to $125 per sf range. "And deals are taking less time to close," he added.

And even on the residential front, things are picking up. Barbara Corcoran of the Corcoran Group noted that the "floodgates have opened" and properties, some that have been on the market for months, are now under contract. "We don't have enough product," she said.

"You have to be optimistic in this business," noted Steve Ross, CEO of the Related Cos. However, Leonard Stern, chairman and CEO of Hartz Mountain, said he wasn't optimistic there would be rental rate increases over the next four to five years. "The best buildings will always rent, the others ... ." he said.