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☆ Working from home could wipe $800 billion from office values globally
  + stars: | 2023-07-13 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +3 min
London CNN —Remote work risks wiping $800 billion from the value of office buildings in major cities worldwide by 2030 as the post-pandemic trend pushes up office vacancy rates and drives down rents, according to a new report. “Urban real estate in superstar cities around the world faces substantial challenges. In a more severe scenario, the value of office space could fall by as much as 42%, the consultancy said. Waning demand for office space has driven down landlords’ asking rents, with US cities suffering the sharpest falls, McKinsey found. In a moderate scenario, demand for office space could be 13% lower by the end of the decade than it was in 2019.
Persons: ” McKinsey, “, ” Organizations: London CNN, McKinsey Global Institute, HSBC, ” McKinsey, McKinsey, Bloomberg’s Technology, San Francisco Mayor London Breed, Westfield Locations: Canary Wharf, Beijing, Houston, London , New York, Paris, Munich, San Francisco, Shanghai, Tokyo, United States, Francisco and New York
☆ San Francisco mayor proposes tearing down Westfield Mall
  + stars: | 2023-06-23 | by ( Samantha Delouya | ) edition.cnn.com   time to read: +3 min
CNN —San Francisco’s mayor Thursday proposed remaking the city’s struggling downtown by tearing down abandoned retail space, including the city’s Westfield mall, and building new structures to reshape the struggling city. A Westfield Mall could become something completely different than what it currently is,” she said. Earlier this month, Westfield said it planned to surrender its mall, the San Francisco Centre, back to its lender. The mall operator cited the “challenging operating conditions in downtown San Francisco, which have led to declines in sales, occupancy and foot traffic.”Shoppers walk through the Westfield San Francisco Centre on April 13, 2022 in San Francisco, California. So, let’s make some adjustments to do everything we can to reimagine what parts of San Francisco can be,” Breed said.
Persons: London Breed, Breed’s, it’s, Breed, ”, Justin Sullivan, ” Breed Organizations: CNN, Westfield, ”, London, Bloomberg’s Technology, San Francisco Centre, Westfield San Francisco Centre, Resorts, Hilton San Francisco, Square, San Francisco, San Locations: Francisco’s, San Francisco, San Francisco , California, city’s, ”
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