First-class existing buildings are priced to yield only around 5% to an all-cash buyer, says research firm Green Street Advisors. (The return they talk about is rent minus the costs of operating and maintaining the building and leasing any emptyspace.) But a skillfully developed new property can bag an annual cash return of up to 10% of its construction costs.
It's a photo taken in 1972 of a Philip Morris office space, all white and emptybut for rank-and-file black telephones on the floor hooked up to outlet poles as if on IV support.