Salesforce, San Francisco’s Largest Employer, Switches to Hybrid “Work from Anywhere,” Won’t Need All that Space in Salesforce Tower. Uber, Old Navy, Yelp, Oracle, Dropbox… Dump Office Space by Wolf Richter • Feb 9, 2021 • 187 Comments This is just so relentless: “We’re not going back to the way things were.”
When the Eviction Bans End, How Many MORE Renters Face Eviction than in Good Times? How Much Worse is it Now? by Wolf Richter • Feb 9, 2021 • 221 Comments Actual rent collection data from over 11 million apartments and 80,000 single-family rental houses, compared to a year ago.
Largest US Mall Landlord Simon Property Group Sent Jingle Mail to Deutsche Bank Which Foreclosed on Mall, But Got No Bids by Wolf Richter • Feb 4, 2021 • 129 Comments Becoming a prolific jingle-mailer to dump malls. Holders of CMBS eat the losses.
Big City “Exodus” & Distortions: Rents Plunge in Most Expensive Cities, Explode in Others. Boston Plunge Steepens, San Francisco Plunge Pauses by Wolf Richter • Feb 2, 2021 • 67 Comments High costs, working from anywhere, and sudden dislike for towers trigger large-scale shifts in the housing market. Tulsa is paying people with full-time work-from-anywhere jobs to move there.
Biggest Office Glut since 2005 Hits Hong Kong Commercial Real Estate amid Worst Recession on Record by Nick Corbishley • Jan 28, 2021 • 33 Comments Several unique factors, topped off by the enduring trend to working from home and an exodus of companies.
American Restaurants: the Catastrophe of the Second Wave, City by City by Wolf Richter • Jan 21, 2021 • 148 Comments Running a restaurant is tough even during the Good Times. But the strain put on restaurants now was beyond imagination not long ago.
Eviction Bans, Surging Apartment Vacancy Rates Trip up CMBS Backed by 43 Apartment Buildings by Wolf Richter • Jan 20, 2021 • 150 Comments “Physical occupancy” rate (tenants living in the apartment) v. “economic occupancy” rate (tenants actually paying rent).
San Francisco Techsodus & Unwind of Office Hogging Sink Office Market. Sublease Explodes, Leasing Freezes up, Rents Drop by Wolf Richter • Jan 18, 2021 • 109 Comments From fake “office shortage” to historic glut in no time.
After 17 Years of Falling Ticket Sales, Movie Theaters Got Annihilated in 2020 by Wolf Richter • Jan 10, 2021 • 209 Comments Americans are watching more movies than ever, but they’re watching at home. The studios are on board in a big way.
How Will This Unwind? Amid Stimulus, Forbearance, Eviction Bans, Consumer Bankruptcies Dropped to Lowest in Decades. Commercial Chapter 11 Bankruptcies Highest in Years by Wolf Richter • Jan 6, 2021 • 41 Comments Weirdest Economy Ever, as 20 million people still claim unemployment benefits.
