Asynchrony and the Mechanics of Sprawl

Markets Change, Buildings Don’t. They Could. Some Should.

In many development circumstances, first construction maximizes development potential based upon financial feasibility or highest and best use at that time. But this often occurs at a time when a local market is in a low activity, low value phase of its life cycle—such as in suburban edge areas and the beginning of urban redevelopment.

Low sales prices or lease rates generally limit construction types to low density, because high density construction is more expensive and not feasible. Once designed, entitled, financed, and occupied, buildings and their obligations have lives of 20 to 80 or more years, a long-term commitment.