"The developers and the owners of existing office space know that the carryover is about to run dry, and that the cap is going to be in full effect every year f

"The developers and the owners of existing office space know that the carryover is about to run dry, and that the cap is going to be in full effect every year for many years to come, and are pricing their long-term leases accordingly. And companies, knowing the same thing, are signing them." ... just in time for the inevitable and predictable downturn.