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re: Shell to move NOLA offices to River District
Posted on 9/14/23 at 5:10 pm to La Place Mike
Posted on 9/14/23 at 5:10 pm to La Place Mike
Are you really that naive?
The Next Crisis Will Start With Empty Office Buildings
Commercial real estate is losing value fast.
The Next Crisis Will Start With Empty Office Buildings
Commercial real estate is losing value fast.
quote:
During the first three months of 2023, U.S. office vacancy topped 20 percent for the first time in decades. In San Francisco, Dallas, and Houston, vacancy rates are as high as 25 percent. These figures understate the severity of the crisis because they only cover spaces that are no longer leased. Most office leases were signed before the pandemic and have yet to come up for renewal. Actual office use points to a further decrease in demand. Attendance in the 10 largest business districts is still below 50 percent of its pre-COVID level, as white-collar employees spend an estimated 28 percent of their workdays at home.
Derek Thompson: The biggest problem with remote work
With a third of all office leases expiring by 2026, we can expect higher vacancies, significantly lower rents, or both. And while we wrestle with the effects of distributed work, artificial intelligence could drive office demand even lower.
Posted on 9/14/23 at 5:22 pm to tgrbaitn08
New Orleans office space occupancy has, reportedly, held up better than most because, as noted in the article, this would be the first new class A office space built in the city in decades. And a lot of existing stock has been repurposed as housing.
I don’t actually know the numbers, but core CBD in New Orleans still feels very light as compared to pre-covid. Traffic at rush hour is minimal, office parking is available and foot traffic just seems very light in the buildings. All of that is just my own observations.
I don’t actually know the numbers, but core CBD in New Orleans still feels very light as compared to pre-covid. Traffic at rush hour is minimal, office parking is available and foot traffic just seems very light in the buildings. All of that is just my own observations.
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