Posted May 24, 2017, 12:15 PM
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Registered User
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Join Date: Dec 2008
Posts: 308
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Quote:
Originally Posted by RyanChi92
So I definitely am looking for some insight from the general crowd, and those who are in the industry and more connected will probably know more about this..
Looking at the boom as a whole, we definitely have a ton of cranes and projects getting started. From a construction standpoint, we are still booming. With 8,000 units in 2017 and 2018 we have a pretty saturated market. Fortunately, demand has kept up with supply, as of now. I believe occupancy of non-leasing up phase buildings has remained steady between 92-94%.
This all leads into my question, doesn't it seem like we have gotten a pretty drastic slowdown in proposals?
Maybe there's developer fatigue or fear of the market slowing down? I know we just caught wind of 300 N Michigan, but other than that and the long term waits, like Spire site, etc. It feels like there haven't been too many new proposals, in general, especially nothing breaking out of our 500 foot forest.
Just curious for everyone's thoughts on something I've noticed, but could be wrong about.
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A month ago I would've agreed with you about the slowdown in proposals, but at the moment, I'm slammed with new work to look at! Now, most of these projects are mid-rise at best, but there are a couple taller buildings out for bid right now. Check back next month...it will probably be dead!!
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