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2011 or 1937?

Half the year over and it’s time to take stock of 2011 so far… If you talk to the industry elites—deals are happening, the CMBS market revives, development starts up again, even occupancies and rents increase too. And then, you realize they are talking about two markets and one property sector.

By Jonathan D. Miller | Updated on June 27, 2011

 Half the year over and it’s time to take stock of 2011 so far… If you talk to the industry elites—deals are happening, the CMBS market revives, development starts up again, even occupancies and rents increase too. And then, you realize they are talking about two markets and one property sector.

 All the office action centers in New York and Washington DC—cap rates decline towards 2007 record lows and new projects get underway (these are the only two markets where capital feels remotely safe). And a few mega projects ramp up in both cities, while the long awaited Freedom Tower in lower Manhattan starts to show a skyline profile.

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