Although the state of New York budgeted $100 million to help nonprofit organizations convert empty New York City hotels into affordable housing, legislators have yet to lift regulations that block the conversions and the funds remain largely unspent, Bloomberg reported. Two nonprofits have expressed interest in converting the spaces. However, they have yet to file...
38 search results for: vacant hotels
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TOP TREND 2023: OFFICE BUILDING BUST
In this year’s first quarter, the nationwide U.S. office vacancy rate averaged a record 19.8 percent, Moody’s reported, up from 19.6 percent the previous quarter.
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TOP TREND 2023: OFFICE BUILDING BUST
Nationwide, office properties have lost about 20 percent in value since the COVID War made remote work the new normal. However, in some key markets, the plunge has been far more severe.
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SPOTLIGHT: OFFICE BUILDING BUST: WORSE TO COME FOR OFFICE SECTOR
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.
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SPOTLIGHT, TOP TREND 2023: OFFICE BUILDING BUST
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.
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MANHATTAN’S APARTMENT RENTS AT RECORD HIGH
The median apartment rent in New York City’s Manhattan borough remained at $4,370 in August, maintaining the record set in the month before, according to brokerage Douglas Elliman and appraisal firm Miller Samuel.
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TOP TREND 2023, OFFICE BUILDING BUST: TENANTS SIGNING MORE OFFICE LEASES BUT FOR LESS SPACE
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.
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SPOTLIGHT, TOP TREND 2023: OFFICE BUILDING BUST
The plunging number of people commuting five days a week to central offices could slash the value of office real estate by $800 billion in nine key cities by the end of this decade, according to an analysis by the McKinsey Global Institute.
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CALIFORNIA SPENDS $17.5 BILLION OVER 4 YEARS ON HOMELESS CRISIS, CELENTE’S SOLUTION IGNORED
Despite California spending $17.5 billion over the course of four years to try and get a grip on its homeless crisis, the number of individuals living on the street during that time only increased, according to a new report.
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SPOTLIGHT, TOP TREND 2023: OFFICE BUILDING BUST
Over the next 18 months, commercial real estate values will plunge by as much as 40 percent in Boston, Chicago, Los Angeles, New York City, San Francisco, and Washington DC, according to a new forecast from Capital Economics.