"I see more a sense of urgency in the market," he noted, adding that some expect there to be an interest rate increase before the November election. "Sellers are looking to put product on the market."

New leasing activity for the quarter, which represented the most square footage leased during any three-month period over the last two years, totaled 7.7 million, compared to 5.8 million during the same timeframe last year.

Trends to be on the lookout for include a possible influx of publishing concerns in Lower Manhattan, due to the cost factor and the fact that a majority of the industry's employee base lives in Brooklyn or New Jersey and the appeal of Midtown South due to the better quality of available assets.