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Old November 12th, 2006, 12:51 AM   #1
A42251
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Skyscraper construction

Before the current skyscraper boom that started around 1999-2000, there was a period during much of the '90s when not much was going up in Chicago. I don't understand why that was, especially considering how the US economy was roaring during that time period.
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Old November 12th, 2006, 01:05 AM   #2
Steely Dan
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yes, chicago went through quite a dirth of skyscraper construction during the mid-90s. the reason was the collapse of the U.S commercial real estate market following the recession of the early 90s. the market for commercial office space was completely over built and the investors that had financed the fenzy of office skyscraper construction that had marked the period right before the recession lost vast sums of money.

that siuation coupled with the fact that the wave of highrise residential livng had not really hit yet meant that not much was built in chicago from roughly 1992 until 1999, when one superior place was completed and kind of kicked off the highrise residential revival in this city. new office construction soon followed as well.
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Old November 14th, 2006, 04:17 PM   #3
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I wonder if we will see the same thing happen to the residential highrise market as what happened to the office market in the early 90's?
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Old November 14th, 2006, 05:02 PM   #4
The Urban Politician
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^ From my remote understanding, the office collapse of the 1990's followed a decade of speculative office construction in the 80's.

The current boom is not speculative, for the most part, because banks are usually not financing projects unless a certain percentage of units are sold
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Old November 15th, 2006, 10:09 AM   #5
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Quote:
Originally Posted by The Urban Politician View Post
^ From my remote understanding, the office collapse of the 1990's followed a decade of speculative office construction in the 80's.

The current boom is not speculative, for the most part, because banks are usually not financing projects unless a certain percentage of units are sold
It is part speculative for the office boom during 90s, i would say that they missed calculated the suburban office boom as well! I guess that majority of them could have been concentrated in Chicago Loop as opposed to some wide open suburbs! Speculative all they want but the facts during that time was downtown had lost out battle to the suburbs particularly for residential and office boom...but tide has changing again during 2000, we'll see how the office reacts to the current residential boom!
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