New York's Downtown and Midtown South submarkets are seeing up uptick in leasing, positive absorption and rising demand stemming from job growth in the technology and entertainment industries, according to Colliers International's Michael Cohen.

The situation in Midtown is a bit different, as the submarket is seeing rising inventory as well as rising rents. “In midtown we’re actually seeing increasing inventory, so the situation there is counterintuitive.  Rents are rising in spite of the fact that there is more space on the market quarter after quarter," Cohen said. “There is a surge in pricing, in what I would call trophy space, space with views of the park, we’re seeing extraordinary numbers accomplished in excess of $100-a-foot and that’s becoming a frequent occurrence.”