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"We could do a built-to-suit" facility, tailored to one company's specifications, Mr. Griffin said, or build on speculation without a specific tenant.
But the company will not build on speculation.
But Mr. Cotter did decide to build on speculation.
"What is the status of the market when Metro arrives, and who's willing to build on speculation then?" Mr. Carter said.
But Reckson, a real estate investment trust based in Melville, N.Y., does not plan to put a shovel in the ground until it gets a commitment from a tenant, preferring to build to suit rather than to build on speculation.
Similar(55)
While Orange County has only 17 million square feet of industrial space, compared with more than 700 million square feet in a multicounty area in northern and central New Jersey, a major industrial center, demand in the county has jumped considerably over the last two years for both build-to-suit industrial space and buildings built on speculation.
He said the first 1.25-million-square foot building would be built on speculation.
The other one was built on speculation and eventually was leased by Novartis, a pharmaceutical company.
Because such buildings are rarely built on speculation, their supply is limited.
Dozens more large buildings are being built on speculation, with investors confident that companies will eagerly come in.
The building, which is being built on speculation — meaning that no leases were secured in advance — will also have a golf simulator and private dining room.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com