All articles tagged with #leases
The US Department of the Interior has paused all large-scale offshore wind project leases due to national security concerns related to radar interference and vulnerabilities near population centers, allowing time for risk assessment and mitigation.
Real estate intelligence company CoStar Group is warning of an impending shortage of office space in the US, despite the current market being described as apocalyptic. As leases approach expiration and companies return to in-office work, there is increasing competition for Class A commercial space. Newly constructed buildings aged 0-3 years are in high demand, attracting over 175 million square feet of net new occupancy since 2020. However, construction has slowed, and the supply of office space will not be able to meet the demand. This shortage will particularly affect premium office space, which historically has been in high demand even during economic downturns.
The tech industry's impact on commercial real estate has been mixed. While some tech companies are shedding office space due to layoffs and remote work, others are expanding. Companies like Yelp, Twitter, Kickstarter, Uber, Facebook, Spotify, Microsoft, Google, Indeed, Datadog, and Clear have either downsized or subleased office space, while Amazon and Google continue to invest in office space expansion. The pandemic has highlighted the changing dynamics of the tech office and its impact on the commercial real estate market.