Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I went with Austin on this one. With office rates of 45.22 per sq ft, vacancy around 11.9%, and the rather restrictive geography of the CBD, Austin makes a strong case for 1000' buildings. In contrast, Dallas rates are 28.20 per sq ft, vacancy around 20.5% and lots more real estate around the CBD. Just my opinion, but cities with low rental rates and fairly high vacancy rates would be a risky investment for developers. Dallas still has a decent chance of getting a tower that big if the right tenant comes along, the economy of DFW is just booming. https://www.us.jll.com/en/trends-and...tistics-trends
For cost and demand reasons I don't see any cities other than NY and Chicago building supertalls any time soon.
Miami are building lots of tall buildings, but those are residential so they are not that tall..
SF is short on building space but I don't see them going the 1000+ route either.
In the hierarchy of possibility I would say:
NY, Chicago- highly likely
Philadelphia, SF- next best bets
Los Angeles, Houston- markets would have to be REALLY good
Miami, Boston, Seattle, Dallas- eccentric billionaires do crazy stuff,
Philadelphia already has a 1,000ft skyscraper. Comcast Technology Center stands at 1,121ft opened recently. Also another building in the plans near 30th St Station (AMTRAK) (Schuykill Yards) Similar to Hudson Yards in New York....The Building will be called 3101 Market St...@ 1,095 Feet.
Charlotte aka Banktown could within the 2020’s. Truist Bank, Wells Fargo, Bank of America or US Bank being the most likely contenders. Banks are throwing up towers left and right.
Truist Banks HQ (Suntrust of ATL and BB&T of Winston merged and chose Charlotte as its new HQ) comes to mind. They committed to the 3rd tallest in Charlotte as of now, but as the merger progresses and over the next few years as the migrate the HQ and Technology operations to CLT, it’s likely. They weren’t just going to poof thousands of jobs overnight. Plus they’re not going to talk about consolidating space in Charlotte from the former HQs before they get approval. Then they’ll be battling senators, etc worried about their constituents
Wells Fargo. I personally knew Cathy Bessant (she didn’t know me personally though, I’m not that important. She’s just very friendly and approachable) as I used to work in Bank of America’s Global Technology division and she led the division. She’s a finalist for the CEO position of Wells Fargo and she is a huge, huge, huge Charlotte booster, hardcore involved in local development and sits on many boards and is involved in many downtown projects. She would go hard for Charlotte as CEO or Wells I imagine.
Bank of America. Theyre consolidating a lot of space and they have a ton of space spread through many many buildings. They just built a 600+’ tower but I hear they need a lot more space.
US Bank - Rumors they’re looking to really amp up operations.
As far as other cities in general. I’m just gonna say all the top tier cities are likely. Atlanta, SF, etc. excluding DC for obvious reasons.
I think of the mid-sized cities, Charlotte is generally best positioned being that it’s primary economic engine are the banks. Banks build towers moreso than other industries, particularly tech (excluding Amazon in Seattle).
I think we’ll continue to see more revisions for hot markets such as Nashville, etc. where a local developer draws up a 1000’fter with like. 20 floors of office, 50 of residential and hotel, a big crown or spire that will never materialize because they can’t get financing for it and if they can, it’ll be value-engineered down to 700’ Etc if it survives.
You do know the banks don’t own, nor do they have any say in the structure of the buildings, right?
Philadelphia already has a 1,000ft skyscraper. Comcast Technology Center stands at 1,121ft opened recently. Also another building in the plans near 30th St Station (AMTRAK) (Schuykill Yards) Similar to Hudson Yards in New York....The Building will be called 3101 Market St...@ 1,095 Feet.
Philadelphia actually has the tallest building outside of New York and Chicago. It will likely remain that way until at least 2024 considering there are no buildings taller than 1,121 ft even proposed outside of NY and Chi.
Cleveland has been known to build very tall buildings before. I don't see them in a position to build 1,000 feet, but it would not surprise me. They seem to have an appetite for these projects even though they are technically unnecessary and unpractical in that city.
Columbus will be the city to undergo this, in Ohio, which is a particular distinction I want to make. No doubt some other city outside of Ohio will do it before Columbus, but in Columbus, for various reasons, I could see them doing it to cement their position and make a statement same as Virginia Beach has the tallest building to make that exact same statement in Virginia. Columbus needs something to visually show you that they are the largest in Ohio (same as Virginia Beach did) and I think a 1,000 foot tall skyscraper could be one way of doing that. I'd rather see a subway or light rail, some meaningful differentiation but I doubt that will ever happen.
Detroit is not as much of a dark horse as people would like to think. But Detroit should focus on increasing density outside of Downtown, restoring services, and getting rid of every last non-functional building and dwelling that exists in that city. In my opinion. I doubt that is what will actually happen; if anything Detroit will just keep building downtown and neglect the rest of the city.
You do know the banks don’t own, nor do they have any say in the structure of the buildings, right?
1.) I know what I’m talking about with my hometown.
2) Banks do own some of their buildings and BofA is specifically vacating leases in buildings they don’t own, knocking out tenants in their buildings to take more space in BofA owned towers (and yes, I know they just leased a huge chunk of a new tower but it still fits their space consolidation plans.
Also, banks don’t have to own the buildings for a building to get built. They just need demand and a developer will develop a tower specifically for them and a design they prefer as an anchor tenant.
The most recent office towers built in the last 10-ish years : Regions Bank (the
Only spec tower in this list which wasn’t designed for Regions), Ally Bank, Ally Bank (this May have been Spec too actually) BofA, BofA, Wells, FNB Bank, Duke Energy, Babson Financial. I believe of all of those, a BofA tower is owned by BofA and Wells Fargo built their own towers.
And they have a huge, huge say in how the buildings look. They’re literally built for the banks. To their likings. To their design preference. To their needs.
Buildings have went through completely different designs based on Tenants. When Crescent was in talks with Duke to anchor a tower, it was around 40 floors, super modern and glassy. When they decided to build their own building, crescent scored Ally Bank tower. It was scaled to around 27 floors but also value-engineered (it’s still really nice but Duke wanted a vanity project so thats what crescent developed) to make the cost per sq. Ft. In line with Ally’s needs.
I don’t need a lesson in an industry I work in, about companies I’ve worked for in cities I was born and raised in. Thnx
1.) I know what I’m talking about with my hometown.
2) Banks do own some of their buildings and BofA is specifically vacating leases in buildings they don’t own, knocking out tenants in their buildings to take more space in BofA owned towers (and yes, I know they just leased a huge chunk of a new tower but it still fits their space consolidation plans.
Also, banks don’t have to own the buildings for a building to get built. They just need demand and a developer will develop a tower specifically for them and a design they prefer as an anchor tenant.
The most recent office towers built in the last 10-ish years : Regions Bank (the
Only spec tower in this list which wasn’t designed for Regions), Ally Bank, Ally Bank (this May have been Spec too actually) BofA, BofA, Wells, FNB Bank, Duke Energy, Babson Financial. I believe of all of those, a BofA tower is owned by BofA and Wells Fargo built their own towers.
And they have a huge, huge say in how the buildings look. They’re literally built for the banks. To their likings. To their design preference. To their needs.
Buildings have went through completely different designs based on Tenants. When Crescent was in talks with Duke to anchor a tower, it was around 40 floors, super modern and glassy. When they decided to build their own building, crescent scored Ally Bank tower. It was scaled to around 27 floors but also value-engineered (it’s still really nice but Duke wanted a vanity project so thats what crescent developed) to make the cost per sq. Ft. In line with Ally’s needs.
I don’t need a lesson in an industry I work in, about companies I’ve worked for in cities I was born and raised in. Thnx
No, the ARCHITECTS (not “developers”) don’t design the actual building specifically for them. They may add highlights and such for the duration that the bank (or whichever company) remains the anchor tenant, but the building itself is not designed to cater to them. That would be incredibly foolish. Very few of them are owned by the anchor tenant. You’re right that BofA is one, but most do not own them. BofA was also not designed with BofA in mind. BofA did not have any say in its actual design.
I know what I’m talking about too lol.
Last edited by Arcenal813; 07-13-2019 at 09:31 AM..
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
