“There are a host of other CBDs, such as Atlanta, Dallas and Houston, where that's not the case. So as an across-the board characterization, I would agree. But conversely, there are suburban markets, such as Greenwich, CT, that exhibit some of the same qualities that the CBD of New York exhibits. It's supply-constrained with a high barrier to entry, and they're achieving record rent levels. Add good amenities and cultural resources, and that's what they're saying when they say CBDs are a safe bet. You have to drill down and determine the attributes that render these markets so attractive to the investment community.

“There are some cities, such as Dallas or Houston, that are characterized by sprawl. They're trying to animate their CBDs and mimic the rhythm and pace of those that are really thriving.

“A classic example of a thriving CBD is Lower Manhattan. Twenty years ago it was very much at risk. It was workplace only. There was no residential component and nothing but service retail. There was no vibrant streetscape.

But then the city embarked on a public policy to provide economic incentives to developers who would convert obsolete office space to residential. Now you have a resident population of 45,000 people, a median household income of $165,000 and, if you look at the streetscape, it's populated by luxury-goods retailer. It has emerged as a 24/7 market, and being a 24/7 market is critical to attracting real estate investors.”