Reply to thread

Message

[QUOTE="OttoMets, post: 4317428, member: 716"]
New jobs, yeah. Jobs shifted from another Class A building (which is 90% of what I see - property gets a PILOT, tenant's lease in a non-PILOT building comes up, PILOT landlord gives them a deal they can't refuse, and the shells move), not so much.

That's my general concern, we've got high vacancy in at least three major (and newly-renovated) office buildings, none of which is a good conversion candidate. We've actually made very good progress in 20 years taking bad Class B and C space offline and building apartments, but we have two large new office projects delivering this year in a market that really doesn't need that space. To be fair, each is coming with an anchor tenant from outside the city, but if someone in the city leaves to fill their vacated suburban space, that's arguably not a net gain.

Meanwhile Class A rents are down 25% from the mid-'90s. Absorption rates are terrible, and everybody's reevaluating their need for bigger office spaces. Something's gotta give.
[/QUOTE]

Verification

What is a Syracuse fan's favorite color?