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CBRE Predicting an Office Space Squeeze by 2009

The Real Deal and Crain's are reporting a bit of news from commercial realty specialists CB Richard Ellis that is bound to warm the cockles of World Trade Center leaseholder Larry Silverstein's heart, not to mention those of every other proponent of the need for 10 million square feet of new office space downtown. The headline numbers: Vacancy rates will drop below 3% by 2009, from a current 6.82%; and average commercial rents will start hovering around $90 a square foot by 2010. But we'd like to know: Will reports like this settle all the squabbling and get the WTC rebuilt any sooner? Gov. Pataki's pretty arbitrary deadline for the end to all fighting on the matter (uh, huh) is next week, in case you forgot.
· Manhattan running out of office space: report [Crain's]
· Report: Office shortage may hit Manhattan by '08 [TRD]