Places constantly require a fresh supply of real estate assets—offices, retail, and residential—as existing improvements naturally deteriorate over time and become economically obsolete. There is typically a known demand for new space, and the rate at which that space is leased or sold is called absorption. Because large-scale projects require significant lead time from concept to completion, an 18- to 24-month outlook is generally a reasonable estimate for forecasting future deliveries.
An analogy could be: imagine you’re a farmer. In 2023, everyone was growing tomatoes, and the market became saturated—there were millions of extra tomatoes, driving prices down and discouraging many farmers from planting more, as they sought more predictable returns. Some of the surplus was even canned and stored for later. By 2025, however, very few had planted new crops, creating a looming supply shortfall. Now, farmers are racing to plant again so there will be fresh tomatoes available in 2026.
with demolition and construction to soon start I have a question. Is the entire parking structure going to be built as part of this first phase along with the apartment tower and then at a later date the office building built atop the parking garage. I can not get a clear understanding even from the Biz Journal article this morning.
I don’t know for sure but my assumption is this will be similar to {The Eastern & AAP Tower} and {Vine & Tower 5} projects in NH. In each of these cases, they built the garage and tower for one project, finished them, then added on to the parking deck and built the second tower. Finished product is one huge parking deck but they were built separately.
Okay that makes sense. That is happening right now in Charlotte at the Queensbridge project where an apartment tower is connected to a large parking deck and a 2nd tower not yet started will finish off the parking deck at the another end of the block. The apartment is nearing completion as is 2/3 of the parking deck which will be temporarily screened at the end unless construction starts on the 2nd tower.
Could we possibly have 6… 7 tall tower cranes at once in downtown?
3 @ NC Education, Civic Tower, Omni, Creamery, … and RUS Bus (now that they’ve gotten the go-ahead for no affordable units?)
(not really counting the small one at West End (and potentially Rockway Phase 2, Salisbury Sq, etc)
