Quote:
Originally Posted by Zapatan
I guess it's still better than nothing in this economy.
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The economy is great. The office market has been turned on its head as you know and only the highest quality space will be brought to market, and all of it will require full pre-leasing too get the project out of the ground. No more having 25% of a 1.5 mil sf be commited to being enough for financing. Developers are looking for one or two tenants to take the whole thing. In that climate sometimes a developer thinks its wiser to pursue a smaller building if it means it can get underway sooner and minimize risk of a project being adversely affected by an economic downturn or other financial shakyness.
The best case scenario would be a mixed use supertall. Why they are forfeiting potentially a hundred ultra luxury Fifth Ave addresses is beyond me.
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