| Globally, the commercial office recovery can be described in two words: disparate and divergent. That's according to CBRE’s latest Global Office MarketView report, released yesterday. What does this mean? The decline in demand is over for most markets, but vacancy rates remain elevated and will impede the near-term performanceof rental rates, according to the firm’s global chief economist Dr. Ray Torto (whose desk is amazingly organized, given the numbers and facts he crunches). But New York is one of two US markets that's seeing accelerated improvements in rents—joining DC, Sydney, London’s West End, Singapore, and Hong Kong—thanks to strong job and economic recoveries. On the other hand, economies such as LA, Chicago, Auckland, Mexico City, and Madrid have yet to turn, but they’re seeing a decline in rents slowing or at the bottom. |
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Mexico City, Ray Torto
