I live in the dump known as Modera Lofts.
My lease is up and they offered me a 10% increase in rent.
Having had to put up with the cheap soundproofing between the thin walls for the last year I had no intention of staying anyway.
And every day I walk out the door there's a moving truck. People are constantly leaving....and new suckers are constantly moving in.

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Not sure where you got that idea, but every building going up in the PAD is getting leased within weeks or a couple of months. My building is full, and I have heard the same is true of Morgan, Modera and The One. Heck, The Morgan now has asking prices that exceed that of other buildings with better amenities and finishes. It's truly mind-boggling. 1bd are asking mid 2K, 2bd are mid 3K, and the few 3bd you can find (a handful at ArtHouse and Morgan, none at The One, and not sure about Modera) are going upper 4K to 6K. Urby is asking ~4K for 2bd.

i am surprised, i thought the area was suffering from a glut of rentals that was driving down rents.

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Rents in the AD area are going up by leaps and bounds. The smart buildings that want to hold on to good tenants are only asking for small increases in the monthly rent, but I have heard of buildings going up quite a bit. Also important to keep in mind that some people are seeing larger than normal increases when renewing because they forget or fail to account for the promotional rates they were paying during the first year of a lease. If you have had a good relationship with the building management, you can definitely negotiate a lower rent increase.

I just received a renewal for an apartment my business rents, it's a new luxury building in the powerhouse district. Rent went up 11% is this the general trend in the area, or should I negotiate a smaller increase?