CBRE chairman remains upbeat

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Despite widespread concern about the credit market affecting commercial prices, some Manhattan office spaces are leasing for as high as $180 per square foot, according to Stephen Siegel, chairman of CB Richard Ellis. Siegel predicts that borrowing difficulties won’t drive prices down, though they might keep prices stagnant for as long as 18 months. Siegel predicts that the market could come back strong, saying that “something in the $140-to-$150 range in a couple of years is going to be the new price.” He’s invested big money in the Bronx, and says “it’s the Bronx’s time.” more [NYO]