Stanton also said that another promising sign is the record prices for class A office sales—now edging toward $400 per sf in some cases. "C&W has flipped properties at 15% to 30% profit after only holding them for six months." She anticipates that Wall Street will be "the engine" for job growth and expects the number of white-collar type positions to increase three-quarter of 1% this year and double that amount next year.

New York City is also faring well when compared to many locales. "New York doesn't exist in a vacuum—it has no reason to gripe. It's tight market." Some possible risks she sees on the horizon include outsourcing, inflation and the possibility of an election-time terrorist attack. While she doesn't feel outsourcing is as much of a New York-area concern, repeated attacks could "hamper New York recovery."

According to Ken Krasnow, executive managing director, New York area, leasing activity is up at a number of sites including 605 Third Ave., 850 Third, and 245 and 299 Park Ave. He said steady vacancy rates coupled with a decrease in sublease space are "clear signs of recovery." While the legal industry remains the market driver, "the sleeping giant" in the financial services sector is about to be woken, Krasnow anticipates.