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Old Posted Jan 24, 2012, 3:34 AM
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Roadcruiser1 Roadcruiser1 is offline
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Join Date: Jun 2010
Location: New York City
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Quote:
Originally Posted by Dac150 View Post
^^^ You don't want to flood the market with an excess of space - you need to build in accordance with specific demand otherwise you will dilute the market. I understand where you're coming from, however building on spec is very risky . . . especially with commercial space.
You can say that to the builders of the original World Trade Center in 1973. During that time the economy was in a recession, and we were in the Vietnam War, but the Twin Towers rose even though they had no potential tenants at their time. In fact the Port Authority and the State of NY were the first tenants of the original World Trade Center because of the recession then, but because of their popularity in the end especially with the observation deck, and their restaurant along with some good events it changed the World Trade Center from being something that was empty and wasteful to something that was utilized. You can't say that these new buildings now would be empty.