Monday, August 8, 2011

Development Turnover

"Look forty years ahead, every non-residential structure you see will be replaced". Chris Nelson suggests that we don't notice it, because it happens gradually, but it adds up over time. Buildings have a long useful life, and most building owners like to make money--as the building wears out, modernizing and maintenance costs increase, and the owner decides it is time to junk it and start over. For buildings with a useful life of 50 years, it will be demolished and replaced in year 33. 

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