100 Million Vacant Square Feet

On today’s show we are talking about commercial real estate and office in particular. 

The main stream media remain fixated on reporting the averages. They are focused on the bigger macro picture.

For example last week the Wall Street Journal published a story all about the commercial debt that is scheduled to mature over the next few years. 

More than $2.2 trillion in debt is maturing before 2028, and much of that will have to be refinanced at higher rates.

But it’s actually missing the larger underlying problem. When you layer the two problems together, its hard to see a path to success for most office buildings. 

Last week I was in NYC and met with some senior folks from JLL.

NYC has now over 100M square feet of vacant office space. 

There are only 7 cities in the US having more than 100M square feet of office. NYC has more than 100M SF of vacant office space.

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Host: Victor Menasce

email: podcast@victorjm.com