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Office Insight

United States | New York, NY

Report | New York Office Insight - Q1 2011

Summary

While there have been positive changes in the labor market, recent forecasts project a sluggish growth of around 2.0 percent by year-end. A sustained recovery in both employment and in the office market is not expected until 2012.
Increased leasing activity was not enough to offset the amount of product returned to the market.
The escalation in asking rents is largely a result of upward movement in pricing among Midtown’s premier addresses.

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