LaSalle says that one reason it is rejecting Pebblebrook's offer is because there are significant price risks and uncertainties for LaSalle shareholders.
Colliers International experts say Manhattan office leasing is going strong in the first half of the year, but seven million square feet of space will be entering the market.
Commercial construction totaled $23.8 billion between 2013 and 2017, yielding a total of more than 73 million new square feet of space. The last three years showed the strongest growth, with each year topping $5 billion and 16 million square feet of new commercial construction.