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April 4, 2024

With Federal Office Buildings 'Mostly Empty,' Pressure Grows To Cut Space Faster

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While the effects of the pandemic on private sector office usage have become increasingly clear, the future of the federal footprint is still largely up in the air. The fate of these millions of square feet of offices is an unanswered question worth billions of taxpayer dollars.

With Federal Office Buildings 'Mostly Empty,' Pressure Grows To Cut Space Faster

Federal government agencies are using just 12% of the space in their headquarters buildings on average, a report last month from the Public Buildings Reform Board found, the latest in a growing body of evidence that the federal government is sitting on a mountain of unused office space. “It shows that those decisions…

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Bowser's Budget Cuts Affordable Housing Funds, Invests In Downtown Recovery

Amid a pivotal moment for D.C., the mayor is slicing some cornerstone initiatives to bridge a funding gap, but her newly proposed budget is also reallocating some of its funding to one of the city's main challenges at the moment: reviving downtown.

Bowser's Budget Cuts Affordable Housing Funds, Invests In Downtown Recovery

Mayor Muriel Bowser unveiled her fiscal year 2025 budget proposal Wednesday, calling for $21B for operations and $11.8B in capital improvement funds. “Through strategic investments and shared sacrifice, this budget invests not only in a safer, stronger D.C. right now, but it looks ahead three, four, and five…

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How Airbnb Is Going From Multifamily 'Bad Guy' To Landlord Partner

How Airbnb Is Going From Multifamily 'Bad Guy' To Landlord Partner  

Airbnb and landlords have historically had a tumultuous relationship. 

Property owners would often hear of strangers coming and going from tenants’ apartments despite lease agreements that bar tenants from subletting their units.

“Part of the frustration for multifamily was that we didn't know how to stop it,” said Young Hill, managing director of Greystar’s property management business. 

Airbnb’s solution? Convince landlords to embrace it. 

In November 2022, Airbnb launched a landlord partnership dubbed Airbnb-friendly apartments that would allow tenants in participating buildings to list their apartments on Airbnb, with landlords getting a cut. It enlisted some of the biggest U.S. owners of apartments, including Greystar, Equity Residential and Starwood Capital Group, and launched…

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WeWork Says 'Majority' Of Rightsizing Is Done, Sets May Target To Exit Bankruptcy

WeWork Says 'Majority' Of Rightsizing Is Done, Sets May Target To Exit Bankruptcy  

Coworking giant WeWork has determined its path forward on 90% of its approximately 500 global locations and is working to emerge from Chapter 11 bankruptcy in the U.S. and Canada by the end of May, it said in a release Tuesday.

The company said it reached agreements with landlords to amend 150 leases, although some of the contracts have yet to be executed, and it will maintain its leases at another 150 locations without changes to lease terms. Another roughly 150 locations will be shuttered through lease rejections or exits negotiated with…

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