Quote:
Originally Posted by BruceP
Uh...where did I write that private companies don't have that right? I'm just not doing cartwheels for a shinier new Class A building to hollow out an existing Class A office by 544,000 sf. That's 54% of 1 S Dearborn that's not gonna be easy to fill.
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Preventing new construction doesn't mean Sidley stays put. If they want newer trophy space and Chicago isn't providing it, they have other options, including the suburbs or shifting more operations to another market entirely. No one here is celebrating vacancy, but suppressing new office supply is not a viable strategy for the downtown office market.
1 S. Dearborn will be fine. It's much newer than many competing office buildings and should be well positioned to attract new tenants, especially as RTO slowly but steadily continues and more obsolete space in older buildings is converted to residential.
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