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New York

Cautious optimism for the office leasing market

<i>But concessions still key to grabbing tenants</i>

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From the April issue: It’s hard to generalize when it comes to Manhattan’s office market, which has more than 400 million square feet of office space. Still, more real estate professionals are talking about the market bottoming out. Stephen Siegel, chairman of global brokerage services at CB Richard Ellis, feels that we have reached the bottom. In February, the firm announced that Siegel was its top-producing broker in 2009, handling 2.5 million square feet of leasing transactions. Siegel’s good friend Bruce Mosler, the co-chairman of Cushman & Wakefield who is now serving as advisor to Cohen Brothers Realty and NYU Langone Medical Center, concurs that the market has probably reached bottom. [more]