Shadow Vacancy: Hidden Crisis coming for Office Buildings
Ken McElroy Show
Ken McElroy
4.8 • 692 Ratings
🗓️ 1 November 2023
⏱️ 48 minutes
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Transcript
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| 0:00.0 | Welcome to the Real Estate Strategies podcast, where we host in-depth conversations on everything real estate with the industry's biggest movers and shakers. |
| 0:11.2 | I'm your host, Ken McElroy. |
| 0:13.1 | Let's get right into this episode. |
| 0:15.0 | Hey, everybody. |
| 0:15.5 | I'm here with my good friend John Rosenberg. |
| 0:18.2 | Welcome back. |
| 0:18.8 | Thanks. |
| 0:19.2 | Thanks for having me again. |
| 0:19.9 | So I've been talking to you about, |
| 0:22.3 | you know, office buildings, right? It's kind of the big news everywhere, right? Office buildings, |
| 0:26.7 | if you guys don't know, are suffering from high vacancy, mostly from work from home. And there's |
| 0:33.6 | all kinds of companies, you know, saying you don't have to come back. And there's's others that saying you do have to come back. And there's landlords that are downsizing and different |
| 0:42.1 | cities are reacting differently and some have high vacancies and some have lower vacancies. It's a mess |
| 0:48.4 | out there, John, isn't it? It's definitely challenging times. Yeah. I've never seen anything like it. |
| 0:54.6 | It's unique in that because of COVID, right? |
| 0:57.7 | We have a lot more spaces that, well, we have buildings that were built that started pre-COVID |
| 1:03.7 | and then we're finished postcode. |
| 1:05.3 | Oh, good point. |
| 1:06.3 | And some of those tenants had signed leases at the beginning. |
| 1:09.3 | And then there's some tenants that signed leases that never moved in. |
| 1:13.0 | I saw it like Salesforce in San Francisco was. |
| 1:15.3 | Exactly. |
... |
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