Commercial Real Estate News

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U.S. Office Turmoil: Subleases Rising Again, Record Number Of Leases Coming Due, Valuations Murky

It’s looking more and more likely the next few years could be a bloodbath for all but the very best office buildings across the country.

The relative lack of transaction activity among sub-trophy class offices has made it impossible to paint a definitive picture of how much value those buildings have lost since the outbreak of the pandemic, but several indicators signal a surge of distress is on the horizon, based on reporting from The Real Deal and The Wall Street Journal.

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Return To Office For Thee, But Not For Me: C-Suite Stays Home As Employees Expected Back

Demand for employees to return to the office continues to rise as companies push for an end to remote work policies, but policies aren’t uniform across the ranks, a report from the Future Forum found.

Non-executive employees are twice as likely as their C-suite counterparts to be working from the office five days a week, Future Forum said.

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How Designers Put Natural Materials to Work in the Office

Faced with an increasing number of rules and regulations surrounding carbon emissions, companies with revised sustainability goals, and a pandemic-changed world, the march toward greener pastures continues.

But it’s not just about buildings using less energy overall. The materials used in office interiors—from carpet to wall insulation—are getting more sustainable and less traditional. New developments across the country are featuring an array of cutting-edge solutions, such as insulation made from mushrooms, carpets made from recycled water bottles and living walls made from lichen and moss.

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Analysts bullish on Las Vegas-driven earnings

Las Vegas is coming off a high from the NFL Draft, the reopening of the Palms, and record gaming revenue in Clark County and downtown Las Vegas, but for all the good news that keeps analysts bullish, rising gas prices may finally be cutting back on some drive-in travel from California.

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Blackstone Backing Up The Money Truck Again With $7.6B Acquisition Of PS Business Parks

Investment giant Blackstone has agreed to buy all outstanding shares of common stock of PS Business Parks for $7.6B, or $187.50 per share, in an all-cash deal. 

The common stock price of the Glendale, California-based REIT, which owns about 27M SF of commercial and residential properties, closed on Friday at $167.78 a share. Ownership of PSB’s three outstanding series of preferred stock won’t change under the terms of the deal.

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Office Fit-Out Costs on the Rise Globally

Occupying office space is getting more expensive globally. The source of the increase is not rent, however, but an upswing in the costs of fitting out space and service charges, according to the Q1 2022 edition of Savills Prime Office Costs.

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Lawsuits Piling Up As Workers Seek Reimbursement For Work-From-Home Costs

When the coronavirus pandemic forced workers to turn their homes into offices, it often involved increased expenses, as employees paid for internet, electricity, phone, and other costs that employers used to shoulder. 

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Office Occupancy Hits Pandemic High-Water Mark

American office workers are back at the office at the highest rate since the beginning of pandemic-related shutdowns in March 2020, according to the latest Kastle Systems Back to Work Barometer.

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Two Moguls Propose $3 Billion Entertainment Hub for Las Vegas

The company plans to build an arena just south of the Las Vegas Strip, serving as the centerpiece of a new entertainment hub that includes a casino and hotel. Oak View has acquired 25 acres on a 66.5-acre plot located just a few minutes from Harry Reid International Airport, and will break ground on the development next year.

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Pandemic Led Major Investors To Dip Their Toes Into Data Centers. Now They’re Diving In

While work-from-home, exploding e-commerce, Zoom happy hours and other pandemic-driven accelerants to digital transformation drove demand for data centers and highlighted the importance and resiliency of digital infrastructure, data centers also turned into something of a safe haven for large institutional investors to deploy capital as previously reliable asset classes like hotel and office faltered and suddenly faced uncertain futures. The result has been a massive surge in investment and a growing number of investors entering the space.

Las Vegas Commercial Real Estate

For the latest on market conditions, trends, strategies, outlook and more, feel free to contact me via email, phone, text, or zoom.