Experts: Office Market Will Tighten

NEW YORK CITY-With limited new construction coming online in New York City, the office market will continue to tighten during the next 14 months, according to CB Richard Ellis’ John Powers, co-chairman of the firm’s New York Tri-State Region. Powers provided an overview of the current office market at CB Richard Ellis’ 21st Annual Market Forecast Breakfast Oct. 19, where Tony Blair, among others, were in attendance.

Pricing will rise steadily throughout the market–although not at the 40% rate experienced over the last year and a half–and the spread between the average asking rent in Midtown and Downtown will narrow.