Worry???? Worry??? Absolutely not. What's there to worry about, sit back and relax. Powell and friends have it covered...
I think it's a trend that's going to continue for a long time to come. After the pandemic, so many business owners realized that they simply don't need all of that office space when employees can work remotely for a large percentage of office jobs. And video chat services like Zoom make it so that meetings can still happen between teams regardless of where each team member is located. According to that article, office landlords can't even collect enough rent to pay the monthly interest on their building loans, which is a pretty bad situation.
we do zoom meetings and we are in the same office. It’s easier to share a screen than in a conference room.
Sold for $8.5 million, I'm sure in a good market today it would have been on the market for $750 million but the buyer im sure will turn it into apartments and rent them out for an average price of $10,000 a month! 135 West 50th Street This 23-story office building in Midtown Manhattan sold for $8.5 million in August 2024, a 97.5% discount from its 2006 purchase price of $332 million. The building was built in 1963 and was once the headquarters of Sports Illustrated. The sale was the result of a two-day online auction on the Ten-X real estate auction site.
90 year lease at 800K/month obligations. You should be worried if you own some. A lot of investments will have capital calls when the loans are no longer supported by the assessed value, and the banks require a buy down. Don't ask me why I know this....
going to see more of this probably.. Officials probe death of Wells Fargo employee found in her cubicle 4 days after last scanning into work https://www.nbcnews.com/news/us-new...ployee-found-dead-cubicle-4-days-l-rcna168756
If you have cameras showing security walking around the area, it shouldn't be a problem. They did their due diligence. They just didn't catch her in the cubicle. Now if there was NO security patrols...There could be issues.
I had a CD maturing last week at a credit union. I could have put it back there or in a regional bank. I chose neither...I am concerned about bad auto loans and CBMS (regional banks). I took it to Wells Fargo for a 6 months CD at about 4.2%. I'll sleep better at night...
This plus: All the people who could force a quick price revision downwards are incentivized not to. Companies who don't pay are having back rent rolled into future rent so the owners can say they're current. Then the owners can try to unload the building. Even if you get a building that's not paying it's taxes, do you think the local govt wants to seize the building and sell it? Every other building nearby will clamor to have their assessment dropped and tax revenue will plummet. I would stay away from any REIT that buys CRE.