Spec Office Construction Soars In California

Law360, Los Angeles (April 6, 2015, 4:50 PM EDT) -- As technology titans continue to gobble up space, developers in California are lining up construction financing even without their projects being leased. And despite the heightened risk associated with such projects, many are finding the need to go with spec construction lest they miss out on building opportunities by waiting for tenants, lawyers say.

Korean Air Lines Co. Ltd.'s Wilshire Grand hotel and office tower, shown here in a rendering, is currently the largest speculative project in downtown Los Angeles. Developers are commencing construction without having clients lined up as tech companies seek to secure space for future operations. Firms are...

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