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A spokesman for Industrious said it would own a 40% stake in the merged subsidiary. The vacancy rate for office space nationally hit 18.6% at the end of 2023, according to data from CBRE– the highest level since 1992. About 771 million square feet, about twice the size of Manhattan's entire office market, sits empty nationally. How Industrious won the coworking warHodari has been an astute and resilient player in the coworking business. At the time, most coworking companies sought to rent space from landlords then sublease that to their clientele at a hefty markup.
Persons: WeWork, Jamie Hodari, Hodari, Deskpass, Sam Rosen, Deskpass Stephanie Bassos, CBRE, Breather, Rosen, Adam Neumann, Shlomo Silber, Silber, lockdowns, You've Organizations: Business, Deskpass, Bond Locations: New York, Chicago, Breather
A zombie building is one that's too costly for a landlord to rent at prevailing rates. Office buildings purchased in the past five years could become zombies, a real-estate vet said. Like many New York office buildings, it's a dead man walking, similar to the hopelessly distressed shopping malls that have multiplied across the country over the past decade. One in four office buildings in Manhattan is valued at less than they last sold for, according to JLL. Bringing zombies back to lifeUnlike in the movies, zombie buildings don't remain undead forever.
Persons: Knotel, Michael Cohen, Cohen, , haven't, RXR, Chetrit, HPS Organizations: New York, Macmillan Publishers, Manhattan, BNP, Real Estate, Green —, Blackstone, Chetrit, HPS Investment Partners Locations: New, New York City, New York, Manhattan, That's, HPS
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