N.S. flood victim surprised by apartment makeover | SaltWireLONDON - The troubles faced by co-working titan WeWork are darkening the outlook for the world's largest business hubs, where rising office vacancies are already heaping pressure on investors set to refinance big-ticket mortgages next year.
Global office vacancies are expected to climb, hurting rental prospects in cities like New York and London, eight industry executives, investors, lenders and analysts said. A WeWork spokesperson told Reuters the firm was in talks with landlords to address"high-cost and inflexible lease terms" and was striving to remain in the majority of its locations and markets.
The value of all global real estate - residential, commercial, and agricultural land - was $379.7 trillion in 2022, Savills said in a report in September, down 2.8% on 2021.Real-estate loan refinancings have already been complicated by a plunge in transactions, which are crucial in tracking changes in asset values.
Global lenders to UK real estate holding and development companies, which supplied credit risk assessments to data provider Credit Benchmark in October, said those firms were now 9% more likely to default than they estimated 12 months ago. Lenders might view the WeWork debacle as a cautionary tale, sources said, potentially requiring borrowers to inject more equity into their properties to reduce the loan-to-value ratio.
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