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re: Crane City - Why is there is Skyscraper boom in most major U.S. cities?
Posted on 1/19/24 at 12:14 pm to FLTech
Posted on 1/19/24 at 12:14 pm to FLTech
There is still tenant demand for trophy office space and businesses, especially if you’re downsizing a bit, will pay a higher rental rate to be in a new asset with all the bells and whistles.
Using Atlanta as an example- Invesco vacated a perfectly fine Class-A building to move a few blocks south and take 300,000sf in a new mixed-use project with better walkability and amentities.
Office to residential conversion is very uneconomical due to building design, it’s not the overnight solution some people think. Most of it will likely be gov’t subsidized until someone figures out how to do it efficiently.
Using Atlanta as an example- Invesco vacated a perfectly fine Class-A building to move a few blocks south and take 300,000sf in a new mixed-use project with better walkability and amentities.
Office to residential conversion is very uneconomical due to building design, it’s not the overnight solution some people think. Most of it will likely be gov’t subsidized until someone figures out how to do it efficiently.
0
Posted on 1/19/24 at 12:18 pm to FLTech
quote:
There can't be that big of a demand for the office/condo space for these massive buildings
There is where I live
They are all residential
Posted on 1/19/24 at 12:22 pm to FLTech
Pittsburgh is getting one- I have no idea what it is, but it looks residential.
They're really outdoing themselves with comically-tall buildings that stick out like a sore thumb on the skyline.
quote:
OKC
They're really outdoing themselves with comically-tall buildings that stick out like a sore thumb on the skyline.
Posted on 1/19/24 at 12:23 pm to FLTech
Some of these projects were locked in before things went to shite. Many parties involved are motivated to see it through, or at least get to some point and sell.
Many buildings also have leases in place and are vacant because of foreign money.
Many buildings also have leases in place and are vacant because of foreign money.
Posted on 1/19/24 at 1:09 pm to kmcmah1
We’re in the early stages of a commercial real estate meltdown. This will be absolutely disastrous for cities as it will collapse the property tax values for all of these mostly vacant towers when they can’t get bank funding.
Plus, due to the major differences in how plumbing is run, it’s extremely expensive to convert office space towers into residential ones.
Plus, due to the major differences in how plumbing is run, it’s extremely expensive to convert office space towers into residential ones.
This post was edited on 1/19/24 at 1:10 pm
Posted on 1/19/24 at 1:33 pm to FLTech
The OKC building is just a concept and the developer has stated it is dependent on the market for that office/apartment space which means it will never happen. It is really just eye candy to create buzz for other, smaller buildings the developer is doing adjacent to this which is also where the new basketball arena is going to be built.
Posted on 1/19/24 at 1:36 pm to Shexter
Some of these overseas ones look like Transformer boners.
Posted on 1/19/24 at 1:57 pm to FLTech
Garden variety commercial lending and real estate fraud.
Posted on 1/19/24 at 2:02 pm to El Segundo Guy
quote:
fricking OKC man. I've been one time in 7 years and won't go back. Bricktown is a shithole.
Not really a s*** hole but just very boring. About 1/10th of the size of the river walk in San Antonio and OKC’s river walk is a man made ditch. OKC is a very boring IMO.
Posted on 1/19/24 at 2:40 pm to kingbob
quote:
Plus, due to the major differences in how plumbing is run, it’s extremely expensive to convert office space towers into residential ones.
Floor plate sizing is a major conversion issue as well.
Here In Charlotte there are still 4 or high/mid rise office buildings under construction but there are basically zero new starts on the horizon. Plenty of multi family still going up though. No shortage of cranes
Posted on 1/19/24 at 2:44 pm to parrothead
quote:
Gotta think somebody is building for tax write offs or loop holes because the demand does not seem to be there.
Get ready for some subsidized housing, baby
Posted on 1/19/24 at 2:58 pm to FLTech
Sure as shite ain’t building up in Texas they’re building out and I hate it.
You buy a home out away from the city and within a year or two the cancer has spread out to you. Apparently 40 miles isn’t far enough
You buy a home out away from the city and within a year or two the cancer has spread out to you. Apparently 40 miles isn’t far enough
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