Lack of supply is forcing companies to buy old buildings, which they either rehabilitate or tear down preparatory to rebuilding.
Apparently, REITS and institutional investors are vying against companies who want to own rather than lease.
Those rates don’t apply to some of the space in older industrial areas of the city, he noted. Getting into a new building is easier because improvement costs are high, which has resulted in the 71st Street area filling up quickly.Article content Now, it won’t take long for it to sell, “even with the motel having to be removed,” he said. “New land is far more expensive than it is to demise that structure.”
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