The housing-office boom connection

Manhattan’s residential and commercial markets each set records this month, and while there’s not necessarily a direct connection between how the two perform, the city’s strong economy seems to be fueling the resurgence of both. Manhattan appears to have recovered from the dot-com bust and 9/11, which together contributed to a significantly weakened city economy and, therefore, faltering residential and commercial markets. “To me, it’s logical,” said Jonathan Miller, C.E.O. and president of Miller Samuel. “When you have a strong economy, you have higher housing prices and a lower vacancy rate in the office market.” more [NYO]