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.
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SPOTLIGHT: CHINA’S ECONOMIC MALAISE
New data shows China’s post-COVID economic recovery has vanished and is now weakening across a broad range of sectors, leaving it “teetering on the brink of deflation,” CNBC reported.
TOP TREND 2023: OFFICE BUILDING BUST
As we correctly predicted, loans on office properties are increasingly hard to come by as property values and lease rates fall while landlords’ costs rise.
PAVEMENT THAT SCRUBS VEHICLE EXHAUST
Road engineers at South Korea’s Institute of Civil Engineering and Building Technology have found a way to take some vehicle exhaust out of the air until we’re all driving electric cars.
SPOTLIGHT ON CHINA
China’s manufacturing and services sector both slowed in May, offering more evidence that the growth spurt early this year after the government lifted anti-COVID restrictions has not lasted.
SPOTLIGHT, TOP TREND 2023: OFFICE BUILDING BUST
Silverstein Properties, which developed the new World Trade Center, has made a deal to sell a 20-story office property on Manhattan’s Fifth Avenue for $105 million. In 2020, the company had refinanced the building for $171 million.
NEW STUDY SHOWS HEALTH RISKS THAT COME WITH WEARING COVID-19 FACE MASKS
German researchers found that people who wear face masks for any extended amount of time face a number of health risks—especially pregnant women.
CHINA’S HOLIDAY SPENDING HINTS AT FUTURE ECONOMIC STRENGTH
Chinese consumers spent lavishly through the Labor Day holidays during the first week of this month, a traditional barometer of the consumer economy’s future strength.
SPOTLIGHT: CHINA
China’s manufacturing economy slumped in April, with the purchasing managers index (PMI) for the sector slipping from 51.9 in March to 49.2 last month.
BLOCKCHAIN BATTLES
Bitcoin has been in the midst of a significant turnaround, arguably spurred by major world events including widespread inflation, political instability, war, and misguided policies by misguided U.S. regulators.