In recent weeks, UK office occupancy rates were around 30 percent, compared with an estimated pre-pandemic average of 80 percent, according to Reuters (citing data from Remit Consulting). In central London, 2.6 million square feet of space was leased in … Continue reading →
According to a survey of major Manhattan office employers conducted by the Partnership for New York City, on an average weekday (as of September 2022), forty-nine percent of Manhattan office workers are in the workplace. Nine percent of Manhattan office … Continue reading →
In Q3–2022, about 1.34 million more square feet of office space was vacant and placed on the market than were leased, according to the National Association of Realtors (“NAR”). In this weakest of all commercial real estate sectors, the vacancy … Continue reading →
Wisconsin-based Kohl’s is a department store retail chain with roughly 1,150 stores. According to CoStar, as of January, the Kohl’s Corporation owned 410 locations, leased 517 locations and operated 238 stores at ground leased sites. Kohl’s is considering monetizing its … Continue reading →
The legal industry is returning to the office at higher rates than other businesses, according to research from Kastle. In metropolitan Chicago, legal office usage is at 86 percent of pre-pandemic levels compared with 41.9 percent for all industries. Nationally, … Continue reading →
Walmart wants to drive more sales of higher-margin items such as apparel, according to CNBC. As such, it is designing stores that highlight general merchandise and it has partnered with companies like Reebok, BCBG Paris, Gap and Justice to expand … Continue reading →
Miami-based CGI Merchant Group is in contract to acquire the 263-room luxury hotel lease for $375 million, according to The Wall Street Journal. In 2012, the U.S. government awarded a sixty-year lease (with two, twenty-year renewal options) of the Old … Continue reading →
Office vacancy rates in London have risen from 5.3 percent in March 2020 to nine percent in June 2021, with the vacant spaces mostly in older properties, according to Financial Times (citing Savills). The number of people coming to work … Continue reading →
On October 23, 2020, CRE Worldwide filed a lawsuit against Thai Tanic (now Ammathar) et al. and the owners of 1326 14th NW (Michael Askarinam and Vahid (“Tony”) Askarinam). The matter concerns the alleged breach of a brokerage representation agreement … Continue reading →
The DC area ranked first nationally in tech office leasing for Q2–2020, according to Technical.ly (citing research from CBRE). At 1,445,528sf, tech office leasing activity in the DC area increased by 55 percent when compared to Q2–2019. Northern Virginia accounted … Continue reading →