Quote:
Originally Posted by VKChaz
Am curious, is there a target vacancy rate you have in mind that will help to pressure new construction forward? IIRC, the CBD rate was recently reported to be around 12.8%.
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I can't answer for Sam but
According to Crain's Navigant just took 110,000 sq ft at 150 N riverside and that's the last block of space of that size in current construction projects. Meaning there might be more space than that left but no space that isn't broken up by other occupied floors.
Usually a big office development needs to have a large tenant on board to get financing for construction. With only a small amount of broken up space left in current projects any large tenant looking for new offices is much more likely to sign on to a new development.