This is so thick it’s hard to believe. It’s far beyond just a Brick & Mortar Meltdown.
High housing costs & taxes lead to this: “Once we decided we had to get our employees out of California, we went about our search systematically.”
Asking rents spiral down in Chicago & Honolulu, come unglued in Washington DC, drift lower in New York City, but see double-digit surges in Southern California and many less expensive markets.
No, it’s not Seattle. Denver is by far #1. New York isn’t even in the top 25. And it explains why rents in Chicago are collapsing.
It’s called “Housing Crisis” for a reason.
This is what happens when Chinese conglomerates get sidelined by unfortunate events.
Zombie malls and shuttered stores don’t count.
Rents in Southern California go nuts. Bay Area & Seattle “mixed.” Chicago & Honolulu in free-fall. New York City sharply lower. Washington DC loses grip. But rents soar 10-15% in many markets.
Success means being able to choose who you work with.
Only about half of retail is under attack from e-commerce, but that half is getting crushed.