Quote:
Originally Posted by ardecila
In a competitive market like Chicago, every developer is looking for an advantage, or a *potential* advantage over rivals. If the office market starts to rebound, and if this developer is in position to break ground immediately, they have a huge advantage. Other developers will not be able to match this head start.
A groundbreaking in late 2021 is likely after the pandemic is effectively over, we should have widespread and available vaccinations by that time. It may be late enough for the developers to assess the office market and have enough information to pull the trigger or not. This only works if they already have their ducks in a row.
If you're skeptical the office market will actually rebound post-Covid, you're not alone... but in a properly functioning market there's always a few people who are betting against the conventional wisdom. Occasionally they strike it big.
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I guess if I consider this a risky gamble, it makes much more sense. But with all of the new space that was slated to come online, filling just filling
that office space in a post-COVID world seems like it would be a successful rebound in and of itself. Though I shouldn't complain. I'm all for building, so fingers crossed it moves forward.