U.S. has nearly one billion square feet of vacant office space: Visualized as a graph. Look out below.
Related: Wall Street Soothsayers Are Bewildered About What’s Next
U.S. has nearly one billion square feet of vacant office space: Visualized as a graph. Look out below.
Related: Wall Street Soothsayers Are Bewildered About What’s Next
I MISS COAL.
Speaking of Building Back Better: US leaps in blackout ranking, and “experts” claim unreliable, intermittent renewable energy is the answer.
https://oilprice.com/Energy/Energy-General/Why-The-US-Has-Become-The-Blackout-Capital-Of-The-Developed-World.html
More like the blame…
Perfect! We’ve opened our southern border to the human refuge of every third world nation … so we might as well make them feel right at home with intermittent electricity … Right? Hug an open-borders, global warmist today …
Maybe the US could retaliate by sending all its bums to Mexico.
Vacant office space = your new living space.
Under the new green living, you will be allocated 10 m2 per person.
That’s it.
No car. No Travel. No Meat. Energy tightly rationed.
Office vacancies across usa in excess of 20%, yet hardly a bleep on MSM. Now you know why.
Sorry … no windows in your 10m2 cubicle. Enjoy the lockdown.
This whole thing might just be a move to ‘home-based-business’. With computer meet-ups and so much of the work merely being at a desk all day in a cubical with a screen …. so be it.
I ran my business from home for many years and it worked out just fine …. Although, it was not an office type of job. That shit is for lefties.
Everything is changing … our gig is to adapt … and that includes adapting to a warming planet if global warming happens to turn out to be a real thing. I have my doubts.
Good point Frenchie
With so many cities dependent upon property tax revenue from commercial properties, this will quickly be felt by homeowners. Cities will have no choice but to replace that lost revenue by increasing taxes on homeowners.
The owners of the properties are still on the hook for property taxes.
One of the reasons why you are seeing properties being returned to lenders is because the nominal owners/operators of those properties don’t want to pay the taxes, and don’t want to take the hit of buying out the mortgages so that they can revalue the property, it’s easier to just say “oops, it’s your problem now” and walk away.
That being said, “leaders” like Comrade Mayor Chowsescu will be running up the property taxes anyway to feed the ever expanding city government
Commercial tax rates are based in large part, on realizable rental revenue, not solely on replacement cost. As vacancy rates increase, valuations decrease. Not so for residential.
That is correct. There are three methods of valuing commercial property…..cost approach, sales comparison and income approach. In commercial, the income approach is the most appropriate because it determines yield…..as rents fall, so does the value. Ergo, residential property owners pick up the slack.
No. Chow will go to Ford and ask him to hike taxes on all Ontarians so the people in the GTA can continue to get away with not paying their fair share.
Forty years ago my father thought that the Greater Toronto Area should be “hived off” from the rest of Ontario and become a new province unto itself. (The same thing could apply to the Greater Vancouver Area as it has very little to do with the rest of B.C.) At that time, my parents were living in Ottawa but in 1981, Dad and Mom took early retirement (61 and 59 respectively) and moved to Surrey, B.C.
Dad thought/believed that the GTA just sucked money off the rest of the province. What do Thunder Bay, Sault Ste. Marie, Timmins, Sudbury, North Bay, Parry Sound have in common with the GTA. Thunder Bay actually has more in common with the West as their big container port is the gateway to the St. Lawrence Seaway for western products.
Nothing has changed in the last 40 years except to become worse.
Hey! Handing out FREE drugs and drug paraphernalia doesn’t come cheap for Seattle, Portland, San Francisco, and LA. Pay up homeowners!
Donald Trump.. Or I should say the reaction to Donald Trump has taken a hammer to everything.. But I’m getting ahead of myself.. It all started with the state sponsored orgy named Barack Obama.. His 8 year racial lecture promised the left everything they ever wanted..
Our figureheads Biden or Trudeau are busy banning things that work (affirmative action mission creep) while they promote things that don’t (when equality becomes equity)..
In politics, people do what works.. If it opens doors and brings the power and money.. They will repurpose it.. Put this wallpaper up everywhere.. A green light is a green light and what’s the difference between a tree and a man or car and a fish.. Nothing.. One political movement fits them all..
How is it not a surprise which cities have the highest vacancy rates.
One man building back better https://davidturver.substack.com/p/demolishing-dale-vince-ecotricity-disinformation
The Coles notes version
https://wattsupwiththat.com/2023/07/09/just-stop-oil-donor-received-110-million-in-green-subsidies-from-taxpayer/
Yep, now do retail space.
Yeah, I’m actually shocked the whole commercial real estate market has yet to implode. Right about now someone is noticing strange sounds as they gaze upon the Titanic.
Don’t be a rich tourist, get out now.