The return of the speculative office development
US developers are completing projects in smaller markets without tenant commitments, as demand for lower-cost office space picks up
Los Angeles
PORTMAN Holdings LLC, which has built high-profile properties such as San Francisco's One Embarcadero Centre, plans to break ground in June on its first US office development without tenant commitments in more than 25 years.
Portman's project is in Charlotte, North Carolina, while builders such as Houston-based Hines and San Antonio, Texas-based USAA Real Estate Co are also looking beyond the biggest US cities and starting projects in smaller markets, even without tenants lined up.
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