Are there 15,000 people who want to live in Manhattan? Another historic surge in the borough’s empty apartments last month underscores the troubles facing landlords across the city. Manhattan’s vacancy rate climbed to 5.1 percent in August, according to Douglas Elliman’s monthly rental report produced by Miller Samuel Real Estate Appraisers & Consultants. It’s the first time Manhattan vacancy has reached this level in the 14 years that Miller Samuel has tracked its rental market,
The rise of remote work puts cash flows for U.S. office real estate investment trusts at risk in the near and long term, according to a recent report from Fitch Ratings. Trepidation about the future of the U.S. economy has led companies to sign fewer and shorter leases, which hurts cash flows for office REITs in the near future. Moreover, the broader shift toward remote work — reflected by the moves of tech giants such
Real estate tech stocks rallied Wednesday after a three-day tech rout roiled the market. After the market closed yesterday, Zillow stock was up 2 percent while CoStar climbed 1.44 percent. Redfin rose 6.85 percent and eXp World Holdings was up 10.55 percent. Two SoftBank-backed companies that went public this summer — Lemonade, an insurance tech firm, and KE Holdings, a Chinese real estate platform also known as Beike Zhaofang — were up 6.36 percent and
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