Tag

Overbuilding

All articles tagged with #overbuilding

real-estate2 years ago•3 min saved

"Record Office Vacancy Rates Plague America's Commercial Real Estate Market"

Office vacancies in major U.S. cities have reached a record high of 19.6%, the highest since at least 1979, due to overbuilding and shifting work habits accelerated by the pandemic. The surge in vacancies can be traced back to the office-market downturn of the ’80s and ’90s, with many older office buildings struggling to find tenants. The trend of remote work and the shift towards smaller offices have further contributed to the increase in vacancies, with analysts expecting offices to remain emptier for longer due to the growing popularity of working from home.

via Fox Business|

#commercial-real-estate #economic-impact #office-vacancy

business2 years ago•7 min saved

China's Housing Crisis Fuels Global Real Estate Debt Distress.

Nanchang, once a symbol of China's growth, is now a testament to the country's real estate market in crisis, with nearly 20% of homes sitting vacant due to years of overbuilding. The prolonged slump has exposed cracks in cities like Nanchang, where developers are saddled with debt, cities are teeming with empty dwellings, and local government finances are depleted from years of paying for Covid testing. The recovery has not been evenly dispersed, with prices roaring back in bigger cities like Beijing and Shanghai, while the rebound has been more muted, and even nonexistent in smaller cities.

via The New York Times|

#business #china #housing-crisis