Mary Ann Tighe, chief executive of the New York Tri-State Region for CB Richard Ellis, says leasing activity in New York is beginning to level out, as many leases are set to expire in 2010 and people who are confident in their business model will sign new 15- to 20-year leases. While others in the commercial real estate industry are comparing the market to the early 1990s, Tighe believes otherwise. “In the early 90s, there was a much larger space overhang than there is today,” she said. However, she admits that today’s market may be compared to the early 1990s in that there is the same influx of foreign buyers that are taking advantage of the down market and staking their claim in Manhattan real estate. [NYT]
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Mary Ann Tighe compares market to the 1990s
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