If you count Wachovia's huge lease (which is on the market right now up for lease) it might be 75% full. CS is really successful in this economy, but it is not the only project out there and should not be an indication of the market, although Gordon says it is over 70% lease.
No bank is going to finance a commercial project for the next two years... period. 7 years was a stretch, but realistically five years is the consensus by any broker in the valley. Look at all the A+ commercial space out there (rent is $30/Sq Ft+) on the market.
New washington & 44th street development: three small tenants. FirstSolar building three tenants. Tempe Gateway: completely empty. Hayden Ferry I & II one of the buildings is only half leased while the other is 70%. Luhrs (over 140,000 sq ft of office space) completely empty. OCPE, so far still completely empty. Ryan Companies Cammelback (185,000 sq ft) not completed but empty. Esplanade (80% filled, considered low for esplanades standards).
Any new development downtown would be competing directly against these properties and until we start seeing these places filling up, we are not going to see a commercial development unless the company wants to go bankrupt. And it also not like occupancy is going to magically go up.
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Originally Posted by gymratmanaz
bwonger06. I don't even know where to begin with your last statement.
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Do you know something that I do not know?