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Stocks A to Z / Stocks B / Brookfield Corporation (BN) ❤
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Author: Baybrooke ✸  😊 😞
Number: of 488 
Subject: Manhattan Office Vacancy Hits Record
Date: 04/03/2023 9:30 PM
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No. of Recommendations: 6
While it is common knowledge by now that lower-tier and suburban office markets as entering the nine circles of hell...... many were left with the opinion that the world's top office market remains largely unscathed.

Unfortunately, that opinion was wrong: according to the latest report from brokerage Jones Lang LaSalle, which tracks about 470 million square feet (44 million square meters) of New York City offices, found a mere 4.6 million square feet of office space was leased in the first quarter. That means that Manhattan's office-vacancy rate was at a record high as new developments add even more space to the struggling market. Specifically, 16.1% of space was empty as of the first quarter, with leasing is at its lowest levels since the second quarter of 2021. Other real estate companies found si similar results: Colliers recorded a 16.9% vacancy rate in the fourth quarter and a 17.3% rate in the first quarter of 2021.

According to the report, while the market was already struggling with excess supply, it was flooded with more than 1.5 million square feet of office space in the first quarter with the completion of 660 Fifth Ave.'s redevelopment.

Not all of that space will stay empty as landlord Brookfield Properties has signed leases with finance firms including Macquarie Group. The building - formerly known as the iconic 666 Fifth Ave - and the former home of hedge fund giant Millennium Partners until its recent move to 399 Park, has gained traction after undergoing $400 million in renovations that include a new lobby, elevators and facade.

https://www.zerohedge.com/markets/manhattan-office...
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Author: rnam ✧  😊 😞
Number: of 488 
Subject: Re: Manhattan Office Vacancy Hits Record
Date: 04/26/2023 1:59 AM
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Remote work and rising interest rates are dealing a double blow to office landlords, with potentially grave consequences for the city and even national economy.

Rapidly rising interest rates have intensified concerns that the New York City office market, the largest in the country and a pillar of the city's economy, could be at grave risk. That one-two punch could be worse than anything corporate landlords have experienced before, experts on the sector say, leading major banks and real estate analysts in recent weeks to warn that languishing properties along with falling property values and higher borrowing costs could increase the odds of a recession nationally and a budget crisis for the city.

https://www.nytimes.com/2023/04/25/nyregion/office...
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Author: dealraker ✶  😊 😞
Number: of 488 
Subject: Re: Manhattan Office Vacancy Hits Record
Date: 04/26/2023 2:44 PM
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I think the Metropolitan Tower owners (GreenOak) just let it go into default recently.
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