(Mark Your calendars: RealShare New York on October 12 at the Marriott Marquis.)

NEW YORK CITY-While New York City is faring well in terms of leasing activity, on the sales side, significant amounts of cap rate compression is squeezing the city’s class A office market this year, as noted in CB Richard Ellis’ “Global In-Sights New York City Office Market” podcast released on Monday afternoon. In the office sector, CBRE data shows that cap rates have come down from 2009 highs of 6.5% to 5.25% year-to-date, and in the multifamily sector, cap rates have come down by 1.48% from 2009 to 4.25% in 2011.

One of the reasons for this trend, says Pamela Murphy, senior vice president of market data services at CBRE, is based upon the lack of stabilized class A product up for sale. “There’s a lot of money chasing and little supply,” Murphy says during the podcast, noting that cap rate averages are based upon surveys of CBRE professionals estimating for a stabilized, prime asset. “That’s one of the reasons why cap rates are where they are.”