Quote:
Originally Posted by Nova08
It is interesting. There are spec developments in Ucity and the Navy Yard, while SY is seemingly waiting for a large anchor tenant.
I agree, there is a ton of projected demand. But it sounds like a fine line. If it is not built quick enough, the demand will go elsewhere.
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That's the trouble with underwriting high-rise vs mid- and low-rise commercial. There's a higher bar to get started on a high-rise. To make it a metaphor, it's as if they're waiting to catch up a whale. Meanwhile, it could theoretically fill up with a bunch of fish - and there are plenty of fish out there - but while it's waiting for a whale and passing up on the fish, all of the fish are being caught by smaller fisherman.