Signs of life for the return of spec development
Build it and they will come.
Ugh. Haven’t we heard more than enough of that cliché? Probably, but there are topics and times where it is applicable. Speculative development in 2013 might be the right tandem.
Consider that commercial real estate interests have announced two big industrial spec development deals in the past month, indicating a possible comeback in a sector that has seen its vital signs barely registering since the global economic downturn.
In July, a joint venture between Trammell Crow and Clarion Partners broke ground on a 678,000-square-foot class A speculative industrial building in Pennsylvania. The 40-acre site is located Lehigh Valley Industrial Park VII, a master-planned business park near I-87. While no tenants have been secured yet, Andrew Mele with Tramme