As much as 1.4 billion square feet of U.S. office space could become functionally obsolete by the end of the decade.
"The relationship between office employment growth and office demand is going to re-solidify and strengthen in the coming era," Corbett said."It's going to get worse before it gets better." But it's too early to say just how many office buildings may be at risk for that outcome, if they remain obsolete as office space and can't easily become a new use, she continued.
Even for owners who have identified major renovations or conversion into a new use as a logical play for their portfolios, the capital markets remain frozen, making it tough to find capital to help fund a significant overhaul to make those buildings relevant in a post-pandemic world. For properties that don't have a loan expiration for many years, that could allow time for the economy and capital markets to recover, but a significant amount of loans backed by office properties are coming due in the coming years.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Singapore Latest News, Singapore Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Q&A with Tina Bowers, VP, Chief Diversity & Inclusion Officer at Children’s Health - Dallas Business JournalGiven the nature of rapid social change and intolerance, Tina Bowers said DEI initiatives are no longer a nice-to-have for a corporation but rather a necessity.
Source: DallasBizNews - 🏆 525. / 51 Read more »
Q&A with Nakesha Lopez, Chief Human Resource Officer at Baylor Scott & White Health - Dallas Business JournalNakesha Lopez, Chief Human Resource Officer at Baylor Scott & White Health, was honored at the Dallas Business Journal's 2023 Leaders in Diversity awards.
Source: DallasBizNews - 🏆 525. / 51 Read more »
Q&A with Craig Florence, partner at Foley & Lardner - Dallas Business Journal“Through drawing on diverse perspectives, our firm uncovers innovative legal solutions for our clients’ challenging business problems.'
Source: DallasBizNews - 🏆 525. / 51 Read more »
Q&A with Muneera S. Carr, Wells Fargo & Company - Dallas Business JournalMuneera S. Carr, EVP and Chief Accounting Officer and Controller at Wells Fargo & Company, was honored at the Dallas Business Journal's 2023 Leaders in Diversity awards.
Source: DallasBizNews - 🏆 525. / 51 Read more »
Leaders in Diversity: Get to know Mohr Partners - Dallas Business JournalAs one of the largest Minority Business Enterprises, Mohr Partners continuously looks to exceed its growing diversity inside and outside its walls.
Source: DallasBizNews - 🏆 525. / 51 Read more »
Leaders in Diversity: Get to know Dwell with Dignity - Dallas Business JournalThe Dallas nonprofit strives to redesign spaces for families struggling with homelessness and poverty.
Source: DallasBizNews - 🏆 525. / 51 Read more »