Bloomberg has extended its headquarters lease through 2040 at 731 Lexington Avenue, a 56-story, mixed-use tower with breathtaking views of Central Park and panoramic vistas of New York City. Maintaining its exclusive occupancy, Bloomberg will retain all 946,815 square feet of office space at 731 Lexington Ave. To learn more, head to the link below. https://lnkd.in/egXFYkEc
Vornado Realty Trust’s Post
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Senior Partner, Healthcare Executive Recruiting with Korn Ferry I help companies find the best possible talent solutions and bring all of Korn Ferry's organizational consulting services to my clients.
From the AJC.... About 32.4% — or nearly one-third — of all office square footage in metro Atlanta was available to rent at the end of March, according to CBRE. That’s the fourth financial quarter in a row in which the region reached a new high-water mark for unused office space. The uncertainty has prompted droves of companies to try to find other businesses to sublease their unused offices, with 9.3 million square feet of space on the sublease market. For context, nearly 40 million square feet in the Atlanta area is vacant, or the equivalent more than 30 Bank of America Plazas. Available sublease space would add seven more Bank of America Plazas.
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Key insights from Q1! The Minneapolis-St. Paul office market is stabilizing as leasing activity remains steady. Check out the full report for a deep dive into the Office Market! https://lnkd.in/gykAACyi #CRE #OfficeSpace #RealEstateTrends
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Making Businesses more Sustainable and Purposeful. Real Estate I Family Office I Private Equity I ESG. 地产 I 家族理财 I 私募基金 I ESG
The Aon Center, LA's third-tallest tower, recently sold for US$147.8 million, marking a substantial 45% drop from its 2014 purchase price. This sale, the largest in downtown LA this year, underscores the broader challenges facing office spaces in the area, with significant vacancies and financial pressures impacting values. Despite its landmark status, the tower's sale price of approximately $134 per square foot starkly contrasts with its former value, mirroring the broader downturn in office prices nationwide. Buyers Carolwood LP, Daniel Abrams, and Adam Tischer aim to revitalize the tower, leveraging its prime downtown location to attract new tenants. Sean Fulp, a Colliers broker for the buyers, highlighted, 'Aon Center's advantageous position and robust ownership will appeal to tenants seeking a premium downtown LA tower.' Representing the seller, San Francisco-based Shorenstein, was Kevin Shannon from Newmark. #RealEstate #OfficeSpaces #CorporateRealEstate #Investing #LA #CapitalMarkets I Bloomberg
LA’s Third-Tallest Tower Sells for 45% Below 2014 Price
bloomberg.com
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Yes, there are some markets where offices are booming. Gone are the days of buying or leasing a space thinking, "we will grow into this". Instead, each space is planned for heightened efficiency, multi-use. While this was certainly not the mindset in previous decades, since 2020, obtaining the amount of space you need and not many square foot more is essential. #commercialrealestate #officespace
Offices Around America Hit a New Vacancy Record
wsj.com
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According to billionaire Barry Sternlicht, the real estate industry is in real trouble. "The ailing office market is headed for $1 trillion of losses, billionaire and Starwood Capital CEO Barry Sternlicht said. Sternlicht said at the Global Alts conference in Miami Beach that US office properties, once a $3 trillion market, are worth about $1.8 trillion now. The cratering values have been the result of remote work being solidified as a lasting legacy of the COVID-19 era. The billionaire characterized the dilemma facing the office segment of the commercial property market as an "existential crisis" and slammed the Federal Reserve for leaving a "serious mess" in capital markets and the real estate market. The fourth quarter of last year saw the US office market mark its fifth straight quarter of negative net absorption of office space. With 5 million square feet of new supply, the overall office vacancy rate rose to a 30-year high of 18.6%, according to CBRE." #fcf #flatbush #flatbushfund #community #istandwithisrael
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Last Sunday's missal in the Business Post explored how some of London's most innovative office landlords have switched their "development" focus to refurbishment of existing stock, particularly sweating assets within their current portfolios to drive future returns. There is clearly a growing appetite for more creative, value-added asset management of older offices in major cities. However, with the traditional institutions often lacking the skillsets, or the appetites, to drive a major re-development and refurbishment agenda, such opportunities are likely to be availed of by sector specialists. Early evidence suggests the investor returns are already there for the taking. GPE, Derwent London, Landsec, Helical plc, British Land https://lnkd.in/dFdv8j3z #londonoffices #ukrealestate #offices #esg #refurbishment #realestate #london #dublin
Colm Lauder: early evidence shows investors can win from greener office refurbs
https://www.businesspost.ie
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Check out this Commercial Property Executive article where Pierre E. Debbas predicts that the upcoming renewal of office space will lead to downsizing, worsening the low absorption rates. Click the link below to read the whole article:
Office Absorption to Stay Negative Through 2025
https://www.commercialsearch.com/news
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San Diego's office market is showing signs of recovery, with a 5.6% year-on-year increase in gross volume in 2023. The growth was largely driven by lease renewals, but it's still an impressive achievement given the challenges of the post-pandemic era. This positive trend suggests that the city's office market is on the path to recovery.
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Insightful, multi-skilled real estate advisor with 25 years' market experience in the M25 and South East
Please see attached our Q2 2024 South East Offices Market Snapshot. Capital Markets continue to show exceptional long term value (for the right product) and with cheaper money anticipated, today's careful stock picker can do well. Office development remains a challenge outside central London - finance, planning, thinnish occupational demand - but scarcity is really biting, for the best-in-class space that occupiers increasingly require. Major rental growth is already being seen, with rents into the £50s - and even £60s - being touted outside the M25 ring for those premium office products. For more analysis or to discuss your property, please contact any of the team. Hugh White Bernie Thomas Ed Smith Rebecca Hewitt Will. Foster Joshua Arnold simon ridley Richard Worthington BNP Paribas Real Estate #research #coverage #offices #capitalmarkets #leasing #development
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The U.S. office market is on the brink of a major shift with 150M SF of office leases set to expire in 2025. This wave is a golden opportunity for tenant negotiations, though there are some challenges to consider. Click here to get the full picture: https://bit.ly/3RkSoZs
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