The price of land has doubled in the last two or three years insome submarkets, CenterPoint Properties Trust officials say. "Landprices are escalating at a much brisker clip," Mullen says.
Given the REIT's size, CenterPoint Properties Trust has not hadproblems getting building supplies, as other smaller developershave encountered. Meanwhile, Mullen notes the company has a supplyof 3,100 acres. CenterPoint Properties Trust plans to build $1billion worth of buildings over the next 10 years, adds co-chairmanJohn S. Gates. "He who controls the land controls the deal," Mullensays.
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