Commercial Real Estate News

Cities Explore Office To Apartment Conversions To Address Real Estate Issues

Cities Explore Office to Apartment Conversions to Address Real Estate Issues

Cities across the East Coast of the United States are examining the potential of converting vacated office buildings into apartments for people to live in. This is meant to address both the lack of availability of housing, as well as dealing with the large number of office buildings that now sit empty or minimally occupied. However, while office to apartment conversions may seem efficient on its face, there are a number of significant hurdles that will need to be overcome before these plans can be implemented.

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Companies Begin To Offload Office Buildings At Deep Discounts

Companies Begin to Offload Office Buildings at Deep Discounts

Prior to the COVID-19 pandemic, office space was at a premium in cities across the country, especially in markets like New York City. However, with many formerly commuting employees now working from home, many companies have begun to offload their lower-value office buildings, often at a deep discount compared to their original value. As a result, there is a potential opportunity for companies that may be searching for relatively affordable office space in the city.

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Commercial Real Estate Faces Threat From High Vacancy Rates

Commercial Real Estate Faces Threat From High Vacancy Rates

The commercial real estate market has stumbled in recent months after reports of high vacancy rates left some wondering about whether a crash is imminent. A number of factors, including the continuing prevalence of work from home, as well as unfavorable conditions for refinancing, have left some companies wondering if maintaining their offices is worth it. However, some businesses, such as retail and hotels, continue to see a great deal of business.

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Predictions Of Trouble In Commercial Real Estate Due To Failure Of “Return To Office” Plans

Predictions of Trouble in Commercial Real Estate Due to Failure of “Return to Office” Plans

Some business leaders have begun to predict trouble in the commercial real estate market due to a failure to implement “return to office” strategies. This coming shock, according to some, is the result of employee reticence to return to a daily commute after a prolonged period working from home. As a result, many companies now face the possibility of a decline in the value of commercial real estate that may substantially harm their bottom line.

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