Can they get any taller ?
Make a mental note on this one though, the tallest constructions that
interest us as an indicator for the turning of the cycle is a
speculative construction venture, ie, the builder is using a bank loan -
credit - to build a commercial building to be tenanted. Even better if
the tallest to be built is 100 per cent financed by credit, on spec,
that is construction starts without any confirmed tenants yet. That's a
real sign of easy money.
This one may not be in such a category. Indeed may even be
partially (or perhaps wholly) government backed and financed.
Nevertheless, interesting timing.
These days, we could watch for other, similar types of events too:
- world's largest luxury cruise ship for example: world's largest due
for completion 2009. (cruise ships are for fun and pleasure, and built
when people have plenty of money...)
- world's largest playgrounds / fair ground attractions: one due for
completion in Shanghai, 2008, based on the design of the London Eye. I
have detailed this in previous emails.
- Mausoleums: watch the baby-boomers as they age and build monuments to
themselves upon death to immortalize themselves. There is a movement in
the US gaining ground called 'six feet up and not six feet under',
designing thumping great works for burial chambers. This happened last
in the rail road age as those who made a bucket from the real estate /
rail-road speculation wanted themselves remembered for eternity.
Ironically, most were remembered for what they did, not how they were
buried. (Like Vanderbilt, when asked about the welfare of his railroad
passengers replied something like: 'passengers, who gives a @#$% about
The tallest of them all