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‘Zombie’ buildings abandoned during commercial real estate ‘apocalypse’
Nypost ^ | 06/23/2023 | Shannon Thaler

Posted on 06/25/2023 10:21:56 AM PDT by ChicagoConservative27

Inflation in the new era of remote work is creating a global commercial real estate “apocalypse” where zombie properties sit vacant and owners with loans coming due hand their keys back to lenders, according to experts.

“The apocalypse that’s facing commercial real estate at this moment is all about interest rates and debt maturities,” Harold Bordwin, a managing director at Keen-Summit Capital Partners, a New York firm specializing in assisting distressed properties, told The Post.

(Excerpt) Read more at nypost.com ...


TOPICS: Business/Economy; Culture/Society; Government; Your Opinion/Questions
KEYWORDS: abandoned; buildings; commercial; zombie
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RIP new York City
1 posted on 06/25/2023 10:21:56 AM PDT by ChicagoConservative27
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To: ChicagoConservative27

> all about interest rates and debt maturities <

No mention there about crime, and people being afraid to work in center cities.
But maybe I’m being too harsh. Maybe they cleaned up the crime problem since I last looked.


2 posted on 06/25/2023 10:26:23 AM PDT by Leaning Right (The steal is real.)
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To: ChicagoConservative27

Once “work from home” became both feasible and economical, commercial real estate was due a reckoning.

CC


3 posted on 06/25/2023 10:27:06 AM PDT by Celtic Conservative (My cats are more amusing than 200 channels worth of TV.)
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To: ChicagoConservative27

Good. Long overdue.


4 posted on 06/25/2023 10:27:21 AM PDT by metmom (He who testifies to these things says, “Surely I am coming soon.” Amen. Come, Lord Jesus!)
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To: ChicagoConservative27

Do not RIP New York City.


5 posted on 06/25/2023 10:27:37 AM PDT by Bonemaker (invictus maneo)
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To: ChicagoConservative27

As these companies flee California and New York, they mostly come to Texas with Texas and other large corporations moving to the Lone Star State. Just look around Texas, you will not just see Tesla, but Google, Meta, Samsung, AMD, Apple, Oracle all creating more jobs in Texas.


6 posted on 06/25/2023 10:30:30 AM PDT by Round Earther
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To: ChicagoConservative27

San Francisco not far behind!!


7 posted on 06/25/2023 10:30:48 AM PDT by Ann Archy (Abortion....... The HUMAN Sacrifice to the god of Convenience.)
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To: ChicagoConservative27

I thought that it was China that had the problem with debt-ridden vacant real estate?


8 posted on 06/25/2023 10:32:47 AM PDT by FarCenter
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To: ChicagoConservative27
The outer boroughs of NYC had hundreds — if not thousands — of abandoned buildings in the 1970s.
9 posted on 06/25/2023 10:33:44 AM PDT by Steely Tom ([Voter Fraud] == [Civil War])
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To: ChicagoConservative27

RIP San Francisco.

Daughter and SIL have worked from home for three years now with no sign of them having to report back to the office (San Francisco). Both are perfectly happy.

Son was called into the office - to clear out his own personal office b/c the owner is selling the building and all work (IT) will be done remotely in perpetuity. He couldn’t be happier, b/c he is able to live in a far cheaper place than where the office is located - that and he doesn’t have to commute on LA’s freeways during rush hour.


10 posted on 06/25/2023 10:34:37 AM PDT by Bon of Babble (What did Socialists use before Candles?..... Electricity)
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To: Round Earther

Horrifying. That will ultimately turn Texas blue, and then America is gone with no hope.


11 posted on 06/25/2023 10:36:19 AM PDT by DesertRhino (Dogs are called man's best friend. Moslems hate dogs. Add it up..)
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To: Steely Tom

The corporate and banking sector can’t afford take the financial hit from the loss of profitable office buildings. The government will have to come up with a solution.

I suspect that soon the government will use our tax dollars to take over these abandoned commercial buildings and convert them into housing for the illegal aliens they are flying into our country.

Dig a little deeper into those couch cushions folks! There will probably soon be an automatic deduction from your paychecks designated as a “compassionate” fee and it will be sold as a contribution towards “migrants” housing. Just temporary of course!


12 posted on 06/25/2023 10:40:07 AM PDT by CFW (old and retired)
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To: ChicagoConservative27

>>Cushman & Wakefield has released its first quarter 2023 office and industrial statistics for New Jersey, showing sustained demand for high-quality office space, despite an increase in vacancies, and positive net absorption in the industrial market.

>>“Despite the increase in office vacancies, we are still seeing a flight-to-quality trend with continued demand for new, financially stabilized, top-tier offices in centrally located markets with best-in-class amenities,” said Todd Elfand, managing director. “Looking ahead, the office market is expected to continue its slow recovery as employers navigate the new normal of hybrid work arrangements.”

https://njbmagazine.com/njb-news-now/as-nj-office-market-vacancy-grows-industrial-sector-sees-sustained-demands/

On the other hand, lots of older, decrepit office buildings will be abandoned or converted to other uses.


13 posted on 06/25/2023 10:40:17 AM PDT by FarCenter
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To: Bon of Babble

No one is coming back to the office.

I hear, every quarter, that employees will be back in this office or that office and only 10% show up.

In fact, I am hearing back to office talk for this September.

Good luck with that.

It would be great if they went back to the office. I sell Office Coffee and Snack services and they would be my customers but, they aren’t going back so whatever...


14 posted on 06/25/2023 10:56:57 AM PDT by Vendome (I've Gotta Be Me https://youtu.be/wH-pk2vZG2M)
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To: ChicagoConservative27

Why does this sound so familiar?
Oh, that’s right....bush and mccain did this to us already....


15 posted on 06/25/2023 11:02:06 AM PDT by joe fonebone (And the people said NO! The End)
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To: ChicagoConservative27
''' "...all about interest rates and debt maturities...."

This applies most visibly in the moment to commercial buildings in large inner cities. But where the application will be MOST observed in coming days is "all about interest rates and debt maturities" for many varieties of public debt, municipal, county, school district, state and OF COURSE the national debt.

The morning service's reading referred to the loan forgiveness, What sort of "forgiveness?" Abrogation of debt.

One reads: "41 Jesus told him, 'Two people were in debt to a moneylender. One of them owed him 500 silver coins, and the other owed him 50. 42 Since neither of them could pay him back, the moneylender said that they didn't have to pay him anything. Which one of them will like him more?' 43 Simon answered, 'I suppose it would be the one who had owed more and didn't have to pay it back.' 'You are right,' Jesus said."

Leaving the remainder of the tale and parable aside for the moment, notice " the moneylender said that they didn't have to pay him anything."

After the binges of government and corporate (raiding and mismanagement) debt, the solution will be abrogation. It's only a matter of time, whether in commercial properties, the banks receiving back unprofitable assets, or the ultimate lenders -- governments and central banks. Worldwide, I expect, in time.

And for now, it will be in dribs and drabs, here and there, a little at a time until.... Time will tell.

16 posted on 06/25/2023 11:11:40 AM PDT by Worldtraveler once upon a time (Degrow government)
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To: ChicagoConservative27

In the 1960s NYC lofts no longer suitable for industrial use were converted to housing.


17 posted on 06/25/2023 11:13:45 AM PDT by Brian Griffin (ARTICLE I SECTION 2....The President...may require the opinion, in writing)
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To: ChicagoConservative27

Well, put the blame squarely where it belongs, on Quackony Fauxi and the Demoncrats for using a bio-weapon to obtain power, power that they are not going to give up. So the next time these real estate titans give millions to the Demoncrat party, they are only feeding the beast.


18 posted on 06/25/2023 11:18:12 AM PDT by Shady (The Force of Liberty must prevail for the sake of our Children and Grandchildren...)
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To: Brian Griffin

And Jeff Gural’s father made billions from that. Newmark.


19 posted on 06/25/2023 11:22:23 AM PDT by Shady (The Force of Liberty must prevail for the sake of our Children and Grandchildren...)
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To: ChicagoConservative27
is all about interest rates and debt maturities

Give that guy a C- at best. Expiring leases will be what causes the crisis.

20 posted on 06/25/2023 12:01:46 PM PDT by PAR35
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