Credit Crunch Brings Construction to a Halt

The Chron has a grim story about how the financial crisis has halted some of the Bay Area’s biggest and most high-profile construction projects. Most worrying: two Mission Bay biotech research facilities have been canceled, even though the tenants are lined up, and biotech is one of the most vibrant industries around. Although the money is still out there, waiting to be invested, banks and other financial institutions are so unnerved by the credit crunch that they are requiring a much higher level of return, to compensate for the risk. That has buildings like the second phase of One Rincon Hill on hold until the market calms down.

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