Quote:
Originally Posted by pdxtex
I hope these companies abandoning American downtowns start getting shamed. 1 year ago, were all in this together! One year later, yer downtown is failing? Yeah were outta here! So much for civics.
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Which companies are abandoning downtowns?
The two chicago pre-war office buildings featured in the article that started this thread have lost tenants to brand new west loop/Fulton market office projects.
now, WFH/hybrid is making it much more challenging for them to refill the vacated space, thus hampering the ability of the owners to payback their hefty loans on them.
This isn't a case of companies abandoning downtowns for suburban office parks like it's the '80s all over again. It's WFH/hybrid making office space in older dinosaur buildings like these worth WAY less than it was when their current owners purchased them pre-pandemic. A painful value adjustment is unfortunately the most likely outcome here.
Quote:
Originally Posted by C.
There will be a flood of defaults, a new owner will pick it up for pennies on the dollar, and they'll become the lowest costing lease rates in the city.
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Exactly.
painful adjustment time.