Meantime, office and upscale apartment rents have soared to New York levels and beyond in some Rio ZIP Codes.

WSJ: Rio Hopes for an Olympic-Style Revival

Now New-Boston supporters hope to fill it with a convention centre, office space, upscale hotels and luxury apartments.

ECONOMIST: Development in Boston

But that changed with the Acadia-Storage Post deal and a few other transactions, where the cap rates were similar to those on trophy office skyscrapers and upscale apartment buildings.

WSJ: Self Storage Gains Cachet as Values Rise

The closure of the Hilton and the ongoing conversion of the Victoria Hotel into an office block are helping lift demand for the remaining upscale rooms in Hong Kong.

CNN: UST A FEW YEARS