For a time after the 2008 financial collapse, skyscraper projects in Chicago came to a dead halt, mostly due to dried-up financing. My guess (since I don’t know with any reliability) is that much the same obtained worldwide. However, the game appears to be back on, especially in New York City, one of few cities around the globe where so-called “real money” tends to pool and collect. Visual Capitalist has an interesting infographic depicting changes to the NYC skyline every 20 years. The number of supertalls topping 1,000 feet expected by 2020 is quite striking.

Courtesy of Visual Capitalist

The accompanying text admits that NYC is left in the dust by China, specifically, the Pearl River Delta Megacity, which includes Hong Kong, Shenzhen, Macau, and others. As I’ve written before, the mad rush to build (earning ridiculous, absurd, imaginary prestige points awarded by and to exactly no one) takes no apparent notice of a slo-mo crack-up in the way modern societies organize and fund themselves. The new bear market might give one … um, pause.

Also left in the dust is Chicago, home of the original skyscraper. Since the 2008 collapse, Chicago’s most ambitious project, the ill-fated Chicago Spire (a/k/a the Fordham Spire) was abandoned despite a big hole dug in the ground and some foundation work completed. An absence of completed prestige projects since 2008 means Chicago has been lapped several times over by NYC, not that anyone is counting. The proposed site of the Chicago Spire is too enticing, however — just inside Lake Shore Drive at the mouth of the Chicago River — for it to be dormant for long. Indeed, a press release last year (escaped my attention at the time) announced redevelopment of the site, and a slick website is operating for now (linked in the past to similar sites that went abandoned along with their subject projects). Also reported late last year, Chicago appears to have rejoined the game in earnest, with multiple projects already under construction and others in the planning/approval phases.

So if hiatus was called the last time we crashed financially (a regular occurrence, I note), it seems we’ve called hiatus on the hiatus and are back in a mad, futile race to remake modernity into gleaming vertical cities dotting the globe. Such hubris and exuberance might be intoxicating to technophiles, but I’m reminded of a observation (can’t locate a quote, sorry) to the effect that civilizations’ most extravagant projects are undertaken just before their collapses. Our global civilization is no different.

Comments
  1. No argument. There have been some interesting pieces over the past year on the overbuilt Chinese market: https://www.afr.com/news/world/asia/chinas-ghost-cities-and-their-multibilliondollar-debt-20180404-h0ybjz

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