NY Commercial Property: Rents Down, Prices Up
The New York Post reports that the state Financial Control Board sees speculation in the property market. "Investors are so eager to get their hands on New York City commercial real estate that they're driving up prices beyond what the rent rolls would justify."
Those rents are down 20% in the last 4 years. "Average asking rents in office buildings were $47 a square foot last year, compared to $59 in 2001..there could well be some element of speculative buying"