{"id":1004029597,"date":"2011-05-20T00:15:53","date_gmt":"2011-05-20T08:15:53","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004029597"},"modified":"2022-12-04T23:53:32","modified_gmt":"2022-12-05T07:53:32","slug":"uli-coverage-office-developers-shy-away-from-spec-developments","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/uli-coverage-office-developers-shy-away-from-spec-developments\/","title":{"rendered":"ULI Report: Office Developers Shy Away from Spec Developments"},"content":{"rendered":"<p>May 19, 2011<br \/>\nBy Allison Landa, News Editor<\/p>\n<div id=\"attachment_1004029598\" style=\"width: 310px\" class=\"wp-caption alignright\"><a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/05\/archie4oz-two.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004029598\" data-attachment-id=\"1004029598\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/uli-coverage-office-developers-shy-away-from-spec-developments\/archie4oz-two\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/05\/archie4oz-two.jpg\" data-orig-size=\"500,375\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"archie4oz, two\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Courtesy Flickr Creative Commons user archie4oz&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/05\/archie4oz-two.jpg?w=500\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/05\/archie4oz-two.jpg\" alt=\"\" title=\"archie4oz, two\" width=\"300\" height=\"225\" class=\"size-medium wp-image-1004029598\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/05\/archie4oz-two.jpg 500w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/05\/archie4oz-two.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004029598\" class=\"wp-caption-text\">Courtesy Flickr Creative Commons user archie4oz<\/p><\/div>\n<p>PHOENIX \u2013 Don\u2019t call Ryan Whitaker a gambler. As the director of Western U.S. equity investments for National Real Estate Advisors, Whitaker is in a constant process of deciding which deals are significant and which are spurious.<\/p>\n<p>And in discussing speculative development, he places it firmly in the latter category.<\/p>\n<p>\u201cWe have some land here (in Phoenix) and I\u2019d love to build something on it for somebody, but it\u2019s not going to happen unless we get a user,\u201d he said during a panel at the Urban Land Institute\u2019s spring meeting. \u201cThere\u2019s no tolerance for us to do spec.\u201d<\/p>\n<p>Whitaker spoke as part of a panel entitled \u201cOffice Development: Who, What and Where?\u201d During the discussion, he and fellow panelist Alex Rose, senior vice president of Continental Development Corp., as well as moderator Robert Kline, CEO &amp; principal of R.W. Kline Cos., often agreed that development is far more palatable with a user already in place.<\/p>\n<p>\u201cWhere we put money into spec office markets around the country has got to be very select,\u201d Kline said.<\/p>\n<p>Rose expanded on that sentiment, asserting that properties already in existence are preferable to those yet to be built.<\/p>\n<p>\u201cFor us, development in the future really represents much more reuse of those existing assets, keeping the other ones that are smaller, multi-tenant ones full, up to speed, state-of-the-art, cost-efficient to operate, competitive in rent, while trying to figure out what the right story is for those old legacy assets,\u201d he said. <\/p>\n<p>He added that as a developer, his preference is to put money into an existing asset that is well located and has \u201cgood bones \u2026 not only a (history), but an achievable universe of users.\u201d<\/p>\n<p>Panelists noted that of all sectors, office development is most dependent on the job market. Rose noted that if there are jobs needing to be filled, it can impact the feasibility of a project.<\/p>\n<p>More important, however, is the feasibility of speculative construction versus in-place product.<\/p>\n<p>\u201cIf you can buy an office asset in a decent market in a decent location for $50 a square foot, why would you (build new)?\u201d Whitaker said. \u201cI would never even consider building a spec office.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Office-development experts agreed that in-place assets are preferable to speculative development.<\/p>\n","protected":false},"author":936,"featured_media":1004029598,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21742,21747],"tags":[],"class_list":["post-1004029597","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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