Word: sq
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Dates: during 1990-1999
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...mortgage. But Donald Trump raised eyebrows last week when he announced plans to convert most of New York City's 84-year-old Plaza Hotel into condominiums to pay off his $300 million loan on the place. He plans to charge an average of $1,600 per sq. ft. for the luxury apartments, or about three times the price of other prime residential buildings in Manhattan -- and most of the apartments won't have kitchens...
Marketing experts may wonder why Denver's Cherry Creek mall is so flush. Generating nearly $400 per sq. ft. in annual sales, it is one of the most profitable shopping centers in America. Could it be the free valet parking for the handicapped, or the swanky Neiman-Marcus store with its $100,000 furs? Guess again, folks! Local shoppers know: it's the mall's bathrooms...
...highest in Texas: "The trend line is good." The Lone Star State, like the rest of America, is reeling from what many experts consider the most glutted commercial real estate market since the 1930s. The culprit: the 1980s, of course, during which U.S. office space doubled, to 5.38 billion sq. ft. In city after city the industry is overleveraged, overbuilt and underleased. At 540 million sq. ft., the unrented space across the country equals the total space available in 10 Bostons. That translates into an annual industry loss of $65 billion in lost property values. Downtown vacancy rates...
...glut is another man's glee. Office renters everywhere are demanding and getting deep discounts, huge renovation allowances and better services. In Manhattan, where the rate of empties is 14%, some renters receive a full year rent-free plus a one-time allowance of $60 to $100 per sq. ft. for improvements. In Boston (16%), one of the city's largest law firms, Hale and Dorr, has been threatening for months to move to new quarters. Last week the nervous landlord persuaded the company to stay put at $20 per sq. ft. -- 40% less than the rent Hale paid...
GATOR BOMBS. A version of cluster bombs, they explode in midair, scattering small, hard-to-detect mines over a region as large as 90,000 sq. yds. Under normal conditions, a soldier might be able to sidestep these explosives, but in the heat of battle, there is a tendency to leap without looking. The gator bomb thus can create panic among the enemy...