Construction Today - March 2011 - (Page 20)
Vacant leasable building spaces offer contractors build-out opportunities in a recovering marketplace. BY RON MROZEK
hile the punishing recession of the past few years may be technically at an end, the lingering aftereffects of the extended period of economic challenges have been felt across a number of industries. The construction and development industry has been particularly hard hit and, despite some positive indications that for the first time in years the light at the end of the tunnel is beginning to look a little bit less like an oncoming train and a little bit more like actual daylight, the industry-wide sense of general sluggishness continues. A tentative credit market and a general reluctance to commit to costly up-front investment has put a number of high-profile developments on hold and delayed countless projects that were in the pipeline when the bottom fell out of the marketplace. But even the most significant challenges are accompanied by corresponding opportunities. While the slowdown in large-scale projects and ground-up new construction has been a much-publicized byproduct of the national recessionary cycle, perhaps not as much attention has been paid to the potential upside for savvy contractors in the tenant improvement marketplace. From a real estate perspective, it is still a tenant’s market. In markets around the country, “zombie buildings” – vacant leasable spaces with no money available to build out or improve the space – continue to languish. With landlords unwilling to commit the dollars and belt-tightening tenants understandably leery to settle for anything less than a great deal, these spaces remain in a kind of real estate limbo – neither dead nor alive. The most successful construction professionals understand that, in leaner times, a business-as-usual approach is unlikely to succeed; it is necessary to adapt and adopt different strategies. Flexible contractors are developing comprehensive new strategies to leverage their development expertise and real estate acumen to better take advantage of this marketplace dynamic, and positive trends across the country support the notion that build-out opportunities are available for construction professionals who can use the following strategies to provide build-out expertise for both landlords and tenants.
CONSTRUCTION-TODAY.COM MARCH 2011
Table of Contents for the Digital Edition of Construction Today - March 2011
Construction Today - March 2011
Table of Contents
Bermúdez, Longo, Díaz-Massó (BLDM), S.E.
Universal Builders Supply Inc.
Harold O’Shea Builders
Ralph L. Wadsworth Construction Co. LLC
Hudspeth & Associates Inc.
Dana B. Kenyon Co. – Florida State College at Jacksonville
On Site Management Inc.
Retail Developers in Ontario
Morguard Investments Ltd. – Bramalea City Centre and Expansion
Ivanhoe Cambridge Inc.
Bayfield Realty Advisors Inc.
DZSP 21 LLC
Rudolph and Sletten
Collavino Construction Co. Inc. – One World Trade Center
MW Builders – Fort Leonard Wood AIT Barracks, Phase 1
Weir Welding Co.
JE Dunn Construction Co. – Woman’s Hospital
Manhattan Kraft Construction Co. – Sarasota Police Department Headquarters
P.J. Hoerr Inc. – Advocate BroMenn Medical Center
Poettker Construction – Watterson Towers Renovations
BBL Builders – Columbia Parc at the Bayou District
Reliable Builders Inc.
Joe Hall Roofing
ECM International Inc.
Branch Highways Inc.
GCC America Inc.
HOK: NOAA Pacific Regional Center
Construction Today - March 2011