Suburban landlords have more unwanted office space than any major metro area in the country, concludes New York-based tenant brokerage Studley Inc. Preliminary third-quarter statistics show 24.3 percent of suburban space is available, the highest level of the 12 U.S. suburban markets it tracks. That volume of unwanted space could fill the 110-story Willis Tower 7½ times.
Downtown has held up relatively well through a recession. Availability peaked at 18.9 percent in fourth-quarter 2010, after asking rents bottomed out at $30.31 per square foot in third-quarter 2009. Suburban availability peaked at 26.4 percent in last year's third quarter, with rents at a post-crash low point of $19.96 in the most recent quarter. High-tech companies have flocked to the city, with Mountain View, Calif.-based Google Inc. signing a 572,000-square-foot lease to move its Motorola Mobility Inc. unit to the Merchandise Mart from Libertyville.
This is such music to my ears. I can hear it on and on and on till the break of dawn—and even after that. I can also hear those wonderful machines demolishing those awful, dream-empty boxes.
In South Barrington, Allstate Corp. is demolishing a 516,000-square-foot building it no longer needed.
What is needed, what capitalism is really dying for is some serious destruction of wealth. It is only this that can add new life to the tired system. And where is there lots of (environmentally and aesthetically) ugly wealth to be done away with? The suburbs. The 20th century built them; the 21st century should destroy them, return the outskirts to nature, and build densely and upward in the core of the city.