According to CB Richard Ellis, New York is projected to have the country’s second highest office rent growth in 2011, behind San Francisco.
CBRE noted that office rents were expected to grow for the first time in three years nationwide, though only modestly and that growth would be “limited to key markets,” before a more rapid recovery in 2012. Rents in New York are expected to inrease by 7 percent, while rents in San Francisco are expected to grow 9 percent.
This comes after last week’s news that Rio surpassed midtown as the priciest office market in the Americas and D.C. crossed the line first in pricing recovery. Taken in its totality, this is all pretty good news—the real estate market seems to be picking up a bit more—but we can’t help but feel a twinge of jealousy; after all, we damn well expect New York to be at the top of all these lists.