It assumed that the owners' expenses would barely increase while rents soared.
But since 2007, the owners say, the office vacancy rate has soared while rents have fallen by half.
The overall rental vacancy rate in Manhattan is hovering around 1 percent, while rents are up for all kinds of apartments.
While rents accelerated, economists do not expect increases to be sufficient to build to a troubling level of inflation this year.
"The timing is right because while rents are still low, there are clear signs that the market is tightening," said James G. Petrucci, the company's president.
By 1999, rents in Dallas had risen about 37percentt while rents in Houston had grown more slowly, about 22percentt.
While rents have fallen, the city's homeless population is still increasing, as the worsening economy strikes particularly hard at those at the bottom of the economic ladder.
VACANCY rates for prime office space in Stamford have dropped to record lows, local real estate professionals say, while rents are at all-time highs.
But, in the past 12 months, clothing prices have fallen (-0.2%), while rents (+0.7%) and recreation and education costs (+0.8%) have barely grown.
Home prices have risen about 30percentt since 1995, after accounting for inflation, while rents have risen just 10percentt, according to government data.
And while rents have risen substantially since then, huge studios in the Ironbound still cost a fraction of those in New York City.
