The residential front is currently experiencing a "building boom," Anderson said. "The strong sector has been residential with more than 25,000 units added in 2004." He said they have not seen numbers like that since 1972 and expects that trend to continue with the rezoning of a number of manufacturing sites to residential.

Anderson noted that the outlook doesn't just examine numbers, but looks at issues, as well. Those issues include public policy and supply and demand. Another big question mark for the coming years, he pointed out, is the MTA building program. Infrastructure spending has expanded 4%. He stressed the need for infrastructure funding to come from dedicated sources of revenue.

Andrew Alper, president New York City Economic Development Corp. and Bronx Borough president Adolfo Carrion Jr. detailed city efforts in the boroughs. Alper said the outlook might be actually on the "conservative" side and pointed out that in the past the city had been very "Manhattan-centric" in regards to development. He noted the city's plans in each of the five boroughs when developed by the private sector will yield office, retail and residential mixes. "We've had the wind in our sails lately."