Has NYC’s office market peaked?

July 25, 2007 12:00AM

Although second-quarter reports indicate that the city’s commercial market is stronger than ever, it’s possible the office market is poised for a downturn. Since the health of the commercial market is tied to the health of the local economy, a fall off in job creation would put an end to the red-hot demand for office space. At the same time, sky-high lease rates may lead companies to seek space outside of Manhattan, thus easing up demand and causing landlords to lower asking rents. more [NYO]

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