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WMRE Staff | Mar 21, 2022
- About filling all those empty Manhattan towers: The future of NYC’s central business districts “No big American city experienced more disruption from the double whammy of COVID-19 and remote work than New York, and it will likely be years before we find our way to the new normal. The city’s buildings and their uses will need to be rethought, whether that means converting offices into condominiums or rental apartments or shops or restaurants or vertical farms.” (New York Daily News)
- ‘We Already Take A Lot Of Chances On Nepotistic Mediocrity’: Tension Mounting Over Slow Pace Of Diverse Hiring “In the post-George Floyd era, as companies and firms in every industry are touting their diversity programs, the reality of who makes up commercial real estate’s senior leadership hasn’t significantly shifted. The issue speaks to significant tensions within corporate diversity efforts.” (Bisnow)
- Legendary investor Bill Gross warns the Fed will ‘crack the economy’ by hiking interest rates aggressively “Veteran investor Bill Gross has warned the Federal Reserve risks severely damaging the US economy by raising interest rates too aggressively.” (Insider)
- The Changing Data Center Landscape: Legacy Vs. Digital “Today, the world has around 600 hyperscale data centers, many of them mopping up services for small corporations or universities that would have previously had their servers. And, there are about 6,600+ colocation and wholesale data center facilities across North America, EMEA, Asia-Pacific, and Latin America.” (Data Center Frontier)
- The Pandemic-Related Acceleration of Sun Belt Office Markets “America’s Sun Belt markets—led by Atlanta, Austin, Dallas, Houston, and Phoenix but including other southern metros as well—are commanding respect for their high rates of employment growth and the leasing activity they are producing during a challenging period.” (Commercial Property Executive)
- Blackstone Plans Fund for People With Millions Not Billions “Dentists, surgeons and other suburban millionaires don’t loom large on the client rosters of buyout funds run by the most elite investment firms. But inside Blackstone Inc., plans are afoot to develop its first private equity fund targeting such individuals as part of a project codenamed ‘BXPE.’” (Bloomberg)
- See Harry Macklowe’s handwritten plan for One Wall Street “Developer Harry Macklowe’s nine-year odyssey to turn the Irving Trust Company Building in downtown Manhattan to luxury condos is almost complete. Sales of the 566 units are already underway and construction is set to wrap by the end of the year.” (The Real Deal)
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