are ordered from the factory, but that’s a different cycle). It takes years for the buildings started later to reach completion. In the interim, the first ones to open eat into the unmet demand. The period between the start of planning and the opening of a building is often long enough for the economy to transition from boom to bust. Projects started in good times often open in bad times, meaning their space adds to vacancies, putting downward pressure on rents and sale prices. Unfilled space hangs over the market. Bad times cause the level of building activity to be low and the availability
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