Deloitte Touche Tohmatsu, one of the world’s so-called “Big Four” accounting and business consulting firms, is giving up a 185,000-square-foot building in New Street Square, a prestigious office address in the heart of London, the company has announced. Deloitte also decided not to reopen another London office; it closed early in the COVID era and...
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Among securitized office mortgages that came due during the first nine months of this year, only one in three was paid in full by 1 October, according to Moody’s Analytics.
While the Office Building Bust is very old news for Trends Journal subscribers—we had forecast this three years ago—it is now just making it into the mainstream news.
Employers demanding workers return to centralized offices are being hit with a growing number of charges that they discriminate against employees with disabilities.
The value of commercial loans officially considered “in distress,” meaning they are approaching default, reached $79.7 billion in this year’s third quarter, the highest since 2013, MSCI Real Assets reported.
In this year’s third quarter, the proportion of office space standing vacant in San Francisco reached 20 percent, compared to 6.3 percent before the COVID War and the highest since 2003. New York City’s share of empty offices was 13.4 percent, also close to a 20-year record.
The proportion of office workers returning to central offices at least some days each week rose last month to its largest since February 2020, The Wall Street Journal reported.
Echoing Gerald Celente’s July 2020 forecast, Bloomberg’s Markets Live Pulse survey reports that a majority of 919 respondents believe that the market value of U.S. office buildings is due to crash.
In this year’s second quarter, U.S. businesses signed new leases for about 97.5 million square feet, approaching twice the 57.4 million that marked the low point during the COVID War, data service CoStar reported.
The number of office buildings burdened with troubled loans, or already repossessed by lenders, jumped 36 percent in this year’s second quarter from the first, MSCI Real Assets reported.