New Wyo. Office Building Could Hike Vacancy Rate
CHEYENNE, Wyo. (AP) — There’s some concern in Cheyenne that a proposed state office building would increase the amount of empty office space in the city.
Several residents have raised the issue during public meetings on the proposal. An economist and president of the Wyoming Center for Business and Economic Analysis, Richard O’Gara, told the Wyoming Tribune-Eagle (http://bit.ly/lCwMd) that the office building vacancy rate is already high — 19.4 percent — and a new state building would make things worse.
If the building is built, O’Gara said property owners would need to lower rents and earn less money.
The state’s construction management administrator, Rich Cathcart, says the state has a responsibility to spend taxpayers’ money wisely.
Gov. Matt Mead doesn’t want to move ahead with the building right now but many lawmakers support it.