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☆ What office meltdown? Developers see a shortage of high-end space and are rushing to build it.
▼ + stars: | 2024-10-03 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +12 min

Much of the office market may be mired in a downturn, but demand has been strong for high-end space. New office construction has dropped off sharply, leading to a potential upcoming shortage. That demand has persisted even as office construction has been stifled by higher interest rates and inflation, which have pushed up costs. Worries over the health of the office market have also made lenders reluctant to finance new development. 8 million square feet of that is pre-leased, meaning that there is only about 10 million square feet of upcoming available top quality space.

Persons: —, Hilary Goldfarb, Goldfarb, Crowell, there's, Scott Rechler, Rechler, Vanderbilt, Philippe Visser, CBRE, Visser, Larry Silverstein, Norman Foster, Silverstein, Randolph St, Ross, Stephen Ross, Jordan Rathlev, Rathlev, Jessica Morin, Morin, Banks, RXR, I'm, you'd Organizations: Service, Rockefeller Development, Fifth St, RXR, Skidmore, Owings, Merrill, TF Cornerstone, Grand Central, Citadel, Yards, Companies, Oxford Properties, Hudson, Hudson Yards, KKR, Meta, World Trade Center, American Express, Trade, Related's, Central Locations: Washington ,, Washington, DC, New York, San Francisco, midtown Manhattan, Manhattan, Wells Fargo, BlackRock, Lower Manhattan, Chicago, Fulton, West Palm Beach , Florida, CBRE

☆ KKR sells industrial properties worth over $560 mln
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +1 min

Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 2 (Reuters) - U.S. private-equity firm KKR (KKR.N) said on Monday it has completed the sale of an industrial property portfolio of 5 million square feet (465,000 square meters) for a total aggregate value of over $560 million. "These sales demonstrate the attractive bid that exists for a quality assets in supply-constrained locations," said Roger Morales, partner and head of real estate acquisitions in the Americas at KKR. The company sold a 14.5 million square feet industry portfolio in 2021 for about $2.2 billion to Oxford Properties Group, a real estate investor based in Canada. Including the recent sale, KKR has sold about 21 million square feet industrial real estate since 2021.

Persons: Brendan McDermid, Roger Morales, Pritam Biswas, Sherry Jacob, Phillips Organizations: KKR, New York Stock Exchange, REUTERS, KKR's Real, Partners, Americas, Oxford Properties Group, Thomson Locations: New York, U.S, KKR's, Atlanta, Dallas, Fort Worth , Chicago, Lehigh Valley, Central Pennsylvania, Canada, Bengaluru

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