Brick & Mortar Meltdown Continues.
It just doesn’t let up with this outfit.
How Zillow helped whip house prices higher and got caught with its pants down (AI = artificial idiocy?).
Stiffed creditors in China and Singapore seized the halted construction mega-ulcer in San Francisco, the Oceanwide Center.
Caught up in the brick-and-mortar meltdown, it faces its own botched decisions and a market that has horribly turned against its pharmacies.
A costly slow process that gives some buildings a second life.
But tenants have choices and negotiating power.
Asking rents spiked 10%-25% in half the cities. Rents fell in only a few, incl. -25% in San Francisco from 2019 peak.
China hasn’t bailed out its over-indebted property developers yet, to the shock of foreign investors who’d bought their dollar bonds. Could the forced deleveraging trigger a financial crisis?
Formerly temporary, now persistent work-from-home turns into slow-motion nightmare for office landlords.