Year-to-date returns for both apartment and office space grew by more than 23%, according to published data from the National Association of Real Estate Investment Trusts.
The US office market has seen vacancy rates tumble and rents soar. As GlobeSt.com reported previously in a conversation with Cushman & Wakefield chief operating officer for the firm's New York Metro Region Joe Harbert, we may be on the cusp of astronomical rents.
"A shortage of high-quality available space in Midtown and a lack of new product on the horizon have given landlords the upper hand," said Harbert, Cushman & Wakefield's chief operating officer for the firm's New York Metro Region.
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