Despite efforts on the part of many employers to bring workers back to the office, office buildings are now the most distressed segment of the commercial real estate market.

Move over, dead malls: there’s a new troubled kid in town. “According to a new report by MSCI Real Assets analyzing the commercial real-estate sector, around $24.8 billion of office buildings in the U.S. were in financial distress by the end of the second quarter — surpassing both retail (which includes malls) and hotels,” explains Clio Chang in Curbed.
“As remote work continues to force companies to cut back their real-estate footprints, the MSCI report showed that the measure of offices in distress was up by 36 percent since the first quarter. Meanwhile, the country’s overall office-vacancy rate is at 20 percent.”
While housing advocates tout office vacancies as an opportunity to convert these centrally located buildings to housing, it remains to be seen if that idea can overcome the costs and logistical challenges of adaptive reuse.
FULL STORY: Offices Are the New Malls

Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

Chicago’s Ghost Rails
Just beneath the surface of the modern city lie the remnants of its expansive early 20th-century streetcar system.

Amtrak Cutting Jobs, Funding to High-Speed Rail
The agency plans to cut 10 percent of its workforce and has confirmed it will not fund new high-speed rail projects.

Ohio Forces Data Centers to Prepay for Power
Utilities are calling on states to hold data center operators responsible for new energy demands to prevent leaving consumers on the hook for their bills.

MARTA CEO Steps Down Amid Citizenship Concerns
MARTA’s board announced Thursday that its chief, who is from Canada, is resigning due to questions about his immigration status.

Silicon Valley ‘Bike Superhighway’ Awarded $14M State Grant
A Caltrans grant brings the 10-mile Central Bikeway project connecting Santa Clara and East San Jose closer to fruition.
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