The Real Deal | January 13, 2016 | Rey Mashayeki
Cushman & Wakefield executives delivered a mixed outlook Tuesday on the city’s commercial real estate market in 2016, as continued macroeconomic strength is expected to drive market fundamentals but major questions persist over the fate of the current cycle.
The commercial brokerage giant noted positive market trends ranging from continued job growth – with 46,000 jobs added in the city in October and November alone, according to principal economist Ken McCarthy – to office asking rents that have hit all-time highs in the Downtown and Midtown South submarkets.
A resurgent financial services sector has helped drive that momentum, with the industry overtaking the TAMI sector to account for 29 percent of all new office leases in 2015, Cushman said...
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