Quote:
Originally Posted by Nouvellecosse
It drives me crazy when there are unused or underutilized spaces waiting to be filled and I see building demand and development investment wasted by replacing existing buildings. ... The issue is that the unfettered free market doesn't have any goal other than profitability.
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For-profit considerations normally take the path of least resistance per $ earned. A crappy building in the way is currently less of a problem than swapping properties for an empty parking lot. If property trading worked similarly to trading equities (negotiates and clears in 2 days or less, for a fee of 0.001% of the value) then that might change.
This is doubly true if one plot has zoning amendments or other non-visible preparation work in place and the other lot doesn't. All that said, a building of actual commercial value (rather than a teardown just in the way), like the Toronto Convention Center, will happily halt redevelopment in its tracks (see Oxford NOT currently demolishing it for a somewhat risky office redevelopment; they eventually will when it's a sure thing).
I don't think that's the direction we should be going in but it would allow developers to optimize better for costs.