Opportunities exist for developers to leverage prime downtown locations and create value through the redevelopment of older assets. Many of these opportunities present complex challenges that require incorporating modern design, technology and environmental strategies into structures that were built more than 30 years ago.
In the midst of last year’s construction downturn, a construction site in the small town of Coxsackie, New York, seemed oblivious. Activity was buzzing on the 21-acre parcel, the future home of a new corporate headquarters and distribution center for Empire Merchants North, an alcohol distributor.
The State of Texas has fared far better than many of its neighbors in the current economy. Few areas of the country remained immune to the near-collapse of the financial markets and the resulting impact on commercial real estate. The occasional industrial build-to-suit surfaced sporadically in 2009, but represented more of the exception than the norm.