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High Floors, New Space Scale Heights of Demand

NEW YORK CITY-With the Manhattan office market poised to regain its top ranking, trophy space and new construction will lead the recovery, market reports say.

By Jacqueline Hlavenka | Updated on April 14, 2011

NEW YORK CITY-As the market for prime space and high floors in top-tier buildings remains tight citywide, CB Richard Ellis predicts that the lack of quality large blocks in Manhattan will ultimately lead to new construction. At the firm’s first-quarter media briefing Thursday morning, CBRE EVP John Maher said high-end buildings will outperform others because the market is highly segmented, given limited amounts of small space in quality buildings.

“That ultimately has to drive new construction,” Maher said. “For anybody that is worried about a large volume of construction being filled, we are not. We think New York City needs it, and that would be ultimately good news for the city to capture job growth.”

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