Wall Street Journal (April 8)
“Landlords and their lenders held on to their office towers for years, hoping for a turnaround after Covid. Now, they are accepting enormous losses. Owners and creditors are capitulating to the reality that more employees are splitting their work time between home and office. They are also resigned to stubbornly higher interest rates, which lower property values and make it harder for buyers to borrow.”
Tags: Buyers, Capitulating. Reality, Covid, Creditors, Employees, Home, Interest rates, Landlords, Lenders, Losses. Owners, Office towers, Property values, Turnaround
Fortune (May 26)
“The pandemic spurred work-from-home era is decimating the office sector, with rising vacancy rates and declining property values.” Researchers at NYU and Columbia have revised their estimate of the negative impact upward. “They now see a 44% decline in New York City office values by 2029, and a nationwide value destruction, as they put it, of $506 billion in just a three-year period from 2019 to 2022.”
Tags: $506 billion, 2029, Columbia, New York, NYU, Office sector, Pandemic, Property values, Vacancy rates, Value destruction, Work-from-home
Washington Post (April 18)
“Nothing like this has happened in human history…. Men outnumber women by 70 million in China and India.” The results are “far-reaching: Beyond an epidemic of loneliness, the imbalance distorts labor markets, drives up savings rates in China and drives down consumption, artificially inflates certain property values, and parallels increases in violent crime, trafficking or prostitution.” Moreover the consequences extend all the way to Europe and the U.S.
Tags: China, Consequences, Consumption, Distortions, Europe, Imbalance, India, Labor markets, Loneliness, Men, Property values, Savings, U.S., Violent crime, Women
