see-through
n. An office building with a high vacancy rate.

Example Citation:
Many of the rental buildings thus created had horrendous vacancy rates that broke developer and lender. Dark and forelorn — "see throughs," as they were called — stood as monuments to the savings-and-loan debacle of the 1980s.
—John Cunniff, "The Collapse of Multifamily Housing," The Associated Press, March 21, 1993

Earliest Citation:
Office buildings that were vacant — called "see-throughs" — at that point in time meant the equity owner was in a disaster position, but the assets there were busically a gold mine.
—"Real estate: a time to beware," Forbes, June 11, 1979

Notes:
Office towers sprouted like mushrooms during the 80s economic boom, but many remain largely unrented. The lack of structures, occupants, and window coverings on many floors enables people in adjacent towers to "see through" such buildings.

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