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October 27, 2023

Office Amenity Wars Are Out. Flexibility, Short Commutes Are In

Hines' Jason Alderman And Silverstein's David Marks Discuss Acquisition Strategies Across The 5 Boroughs At The NYC State Of The Market Event Nov. 16

As the onset of the pandemic drifts further into the past, its impacts on the way offices are used are still heavily impacting the present. 

The five-days-a-week office schedule is dead. More than 1B SF of office space is expected to be obsolete within seven years. And any employer or landlord who wants workers back at HQ has to reckon with a list of priorities that is vastly different from before.

“I think the jury’s totally out on whether or not any of these amenities matter one whit to tenants, particularly in New York,” Related President of Office Development Philippe Visser said at Bisnow’s New York Office event on Tuesday. “If anyone’s traveled outside of New York, there has been amenity wars for years, and they've done absolutely jack shit for the buildings.”

Office Amenity Wars Are Out. Flexibility, Short Commutes, Cool Neighborhoods Are In

Despite a 30% decline in leasing in Manhattan during Q3 compared to last year, tenants are once again signing leases, owners said at the event, held at 2 Park Ave. in Manhattan. But the buildings where owners are receiving the most interest aren’t necessarily the ones with a full suite…

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Property Preservation: The Dark Horse Of Downturns You've Probably Never Heard Of

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As the first crop of commercial foreclosures hits the market, a niche group of mortgage service professionals is waiting in the wings, ready to strike while the iron is hot. 

Rising interest rates colliding with the end of pandemic-era moratoriums are putting property preservationists — the people who make sure delinquent and foreclosed buildings don’t become neglected and fall into disrepair — on high alert.

Calls for service are coming in already, but how demand trends will hinge largely on whether prolonged economic turmoil chips away at the tolerance lenders have shown thus far.

Those in the business are bullish that they will stay busy.

The property preservation industry has fluctuated dramatically over the past three years.  Eviction moratoriums wiped out business on the residential side, but as restrictions lifted and landlords began forcing delinquent tenants out, demand for maintenance and repairs shot up.  At the same time, rising interest rates and falling…

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Miami is the most overvalued housing market in the U.S. and ranked third among 25 global cities in investment bank  UBS’ 2023  Real Estate Bubble Index report. The city has climbed seven spots in the index since 2022, overtaking international hubs like Hong Kong, Toronto and Munich. It…

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