Many offices buildings are going to be 'obsolete' and losses are headed for banks and investors holding real estate debt, property exec says

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LinkedIn NYC Office, Empire State Building

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'Zombie' offices could turn into 400,000 new apartments for families. That's almost double the number of new US units in a typical year.

Tech Insider : Economy
A view on lower Manhattan skyline and One World Trade Center in New York, United States, on October 25, 2022.
A view on lower Manhattan skyline and One World Trade Center in New York, United States, on October 25, 2022.

Beata Zawrzel/Getty Images

Billionaire Barry Sternlicht's firm just defaulted on a $200 million office mortgage amid mounting commercial-property stress

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Barry Sternlicht
Barry Sternlicht, Chairman and CEO, Starwood Capital Group, speaks during the Milken Institute Global Conference in Beverly Hills, California, on May 3, 2022.

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Remote work has made downtown DC a ghost town as federal office buildings sit mostly empty

Tech Insider : Economy, Politics
The Department of Labor headquarters in downtown Washington, DC.
The Department of Labor headquarters in downtown Washington, DC.

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Commercial real estate lending plunged 56% last quarter as 'logjam' of uncertainty clogged the market

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empty office space
A demonstrator from the Occupy movement stands in an empty unfinished office in the recently occupied building owned by banking giant UBS, in the City of London.

Reuters/Luke MacGregor

DC Mayor Muriel Bowser wants to expand tax breaks for developers turning empty downtown offices into much-needed housing

Tech Insider : Economy, Politics
General view of Pennsylvania avenue and the United States Capitol in downtown Washington DC, on July 19, 2022.
Pennsylvania Avenue and the United States Capitol in downtown Washington DC, on July 19, 2022.

Daniel Slim/Getty Images

The commercial real estate market is wobbling, and 2 of the largest players are feeling the pain of higher rates and tighter credit

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puerto rico
A billboard announces office space and parking for sale in San Juan, August 31, 2013.

REUTERS/Alvin Baez

Wall Street warns the banking turmoil is coming for the commercial real estate sector

Tech Insider

Good morning, readers. I'm Phil Rosen, reporting from New York City. 

The bank turmoil we saw in March feels like some time ago, but top strategists are warning that more consequences are still ahead. 

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Commercial real estate loan defaults will rise in a credit crunch but a crisis like 2008 is unlikely, says UBS

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The downtown Los Angeles skyline is seen with a clear sky from the 110 freeway. REUTERS/Lucy Nicholson
The downtown Los Angeles skyline is seen from the 110 freeway in Los Angeles

Thomson Reuters

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