Submitted by Larry Littlefield, Feb 8, 2008 08:56

The real estate cycle is well known. Developers start building when the real estate cycle peaks. With long lead times, the buildings finish in the middle of a bust. Then no one builds, even as the economy recovers. Space fills and rents soar, choking off growth.

We're looking at two bad economic years here. That is exactly the time to start construction. It will finish when the space is needed. If NYC was going to disappear, it would have happened in the 1970s, or after 9/11.

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