I have read many in here debating the viability of a huge new office tower in the relatively soft market downtown. Though downtown LA has a lower vancancy rate than many urban areas across the nation, its still in the higher tier. But my arguement for the tower is similar to the arguement being made for the new WTC in NY. Aside from the touted reasoning that in the time it takes to build, the market may have a much higher demand, another major point is that the class A space downtown, as with many downtowns, is aging, and becoming less competative. Renovations can salvage much, but many companies are looking for a state of the art building to house in. SInce nothing of note has been built in DTLA in near 20 years, it may not just generate interest from new prospective businesses, but may lure others from neighboring, older towers. The fact that it takes another nation's thinkers to want to take that chance and be forward minded says alot about why the US is in the condition that its in. (thats my rant!...hope it gets built!
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