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The company has also continued to win new business, entering into 114 lease commitments this year.
The Bullitt Center has early lease commitments for four of its six floors.
Cable & Wireless yesterday pointed to a cheaper exit from its US operation than was previously feared by revealing it had cut its lease commitments there by about £200m.
Business aviation, whether by corporate fleets, long-term lease commitments, time sharing or ad hoc chartering, is at the heart of many recalibrations.
Mr. Friedman said the company would not break ground on either building until it has substantial lease commitments from prospective tenants.
"Hospitality is not going to be O.K.," Mr. Cohen said, adding that REIT's with the shortest lease commitments should be avoided.
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In doing so, they are filling the grey area between Craigslist and Airbnb, serving the needs of individuals looking for something more permanent than a vacation rental yet more transient than a typically longer lease commitment.
This caused Morningstar to reconsider their lease commitment.
Higher prices mean bootstrap start-ups are unable to make the 5-year lease commitment required by many building owners.
In April 2005, Mills had announced a lease commitment with WBBM-Channel 2 for about 100,000 square feet (10,000 m²) of space for offices and a showcase television studio.
Upon completion of the deal, which is expected by October, Accor said it would take a noncash loss of about 600 million euros and reduce its net debt and fixed-lease commitments by a combined 855 million euros.
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