Rents for commercial office space fell faster over the past two years than in any such period in the last half century.
“I have been in the business for 12 years. I have never seen it this bad,” Peter Von Der Ahe,
Property and Portfolio Research, a Boston-based independent real estate research and advisory firm. He predicts that by 2011, the value of New York metropolitan area office buildings will decline by 58 percent from its late 2007 peak. It is already down 40 percent.
city has become stuck with more available office space than any other central business district in the nation except Chicago, Washington and Boston
In New York Commercial Real Estate, News Is Bad (or Worse) - NYTimes.com
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