Colliers ABR Research Reports: New York Barometer Fourth Quarter 2005 Overview

The whole document is pretty long and it's a .pdf file with lots of charts and graphs.

One thing that bothers me about this article is the way they just ignore the potential of the outer boroughs. They give this analysis of Manhattan and then skip straight to the Long Island, Westchester and Connecticut markets. Living in New York City, I would prefer to commute to somwehere in the 5 boroughs instead of trekking all the way out to the suburbs.
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Research Reports - New York Barometer Fourth Quarter 2005 Overview

The main conclusion which can be drawn from these comparisons is that the market in both years was driven by a strong national and local economy. However, in 2000 some of that growth rang false due to the enormous amount of venture capital pouring into many new media/high-tech firms that were grossly overvalued at the time. For 2005,
there has been somewhat more measured, balanced, and steady growth. But at the end of the day, it is very important to keep in mind how far the New York City economy has come since the dark days of 2001—and within such a relatively short period of time. For the immediate future in 2006, expect an essentially tighter market for all submarkets especially if a major anchor is located for 7 World Trade Center. There is also very little new space coming available until at least 2007. Consequently, there will undoubtedly be rent spikes in some areas of Midtown.