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110 East: 23 story Tower by Stiles/Shorenstein


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4 hours ago, KJHburg said:

Today.  

As I really expect only one groundbreaking of an office tower this year, this one should lease up well once it is gets closer to completion.  

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Ample parking for driving in to work and easy transit access...so thoroughly multi-modal office space to vary your commute by your mood:)

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On 4/5/2023 at 11:29 PM, JacksonH said:

Office development is going to remain low for at least as long as the unemployment rate is low.  Right now the unemployment rate is the lowest it's been in 50 years.  With the unemployment rate so low, prospective employees have the upper hand in the job market, with employers having to offer perks in order to lure them, which clearly includes offering office/work-from-home hybrid work models.  Office buildings remain half empty throughout the country and will remain that way so long as workers have the power to demand where they do their job.

 

On 4/6/2023 at 4:30 PM, JacksonH said:

By the way, to further elaborate on my comment, I recently heard a news report about how office capacity in the U.S. is low, but high (back at pre-pandemic norms) in Europe.  The conclusions for why this is the case boiled down to differences in urban density/public transportation and unemployment rate.  In Europe, most people live close to their jobs and/or have good access from home to office due superior public transportation, versus the U.S. where so many people live in far-flung suburbs and commutes can be a nightmare.  So in the U.S., for this reason, there is a far greater desire to work from home.   The other factor, unemployment rate: it's waaay higher in Europe.  So workers don't have any leverage in negotiating perks such as working from home.  But in the U.S., with an historically-low unemployment rate, workers have all that leverage.

Much of this is also a result of a generational shift. Millennial and Generation Z professionals are more apt to change jobs or work for themselves in comparison to Generation X professionals. This is paradigm shift within the US workforce that likely won't be changing anytime soon. 

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