Quote:
Originally Posted by fenwick16
The vacancy rates that will occur in the future can't be known by anyone so where the vacancy rate is headed is purely speculation. Whether the economy in the HRM continues to improve or starts to decline will depend on the decisions of Halifax area business leaders and politicians.
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Agreed people can't predict accurately what the rate will be in the future, but one can see there are a number of industries in the local ecomony that are struggling and or phasing out.
One thing people fail to understand about office developments is that they require preleasing of a percentage of the total with lease terms of 10 years or greater to meet lender reguirements (currently requires 70-80%). If not then the developer would be building it by self financing it. A project the size of international place would probably be north of 70 million dollars, which is a lot of money to be putting on the table with no tenants signed, or into a market that has existing space that can undercut the price of new.
I can't stress it enough, but this development is just awesome, and i truly want it built.