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Office vacancies climbed more than 5% in six of the top 25 US markets this year, according to CommercialEdge. Sale prices, meanwhile, dropped again, down 9% from the average price in 2023.
Throughout the country, once bustling business districts have turned into ghost towns. Now some major U.S. cities are breathing new life into empty office buildings by converting them into housing.
In the prior quarter, as Fortune previously reported, the office vacancy rate had already reached 19.8%, which was 50 basis points above recessionary peaks recorded in 1986 and 1991, according to ...
In the United States, for example, according to the Seattle Times office space was "tight" in Seattle and Bellevue in 2013. [4] However, in 2023, the office vacancy rate in the United States had risen to 12.9%, which was seen as the highest ever since one data collection firm began tracking such statistics in the year 2000. [5]
The number of office-to-apartment conversions in the U.S. is expected to triple this year, to 34 from 11 in 2022; those projects alone, however, won't measurably alter the surplus supply of office ...
Not to mention, the new record-high vacancy rate is 50 basis points “above the recessionary peaks recorded in 1986 and 1991,” an analysis published earlier this week found.
The amount of new office space added to the Energy Corridor between 2005 and 2015 is equivalent to the amount added during the preceding three decades. [11] However, the 2010s oil glut put a damper on this growth, causing office and apartment vacancy rates in the area to rise significantly. [12]
These structures were most likely built 30 or more years ago, have not been renovated since 2000, and are currently facing vacancy rates above 30%. However, just 0.4% of office space was converted ...