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[1/3] Tokyo Tower is seen from the 52nd floor of 'Azabudai Hills Mori JP Tower', developed by Mori Building Co., during press preview of the complex in Tokyo, Japan, in this photo taken by Kyodo on August 8, 2023. "Housing prices and rents have risen a lot compared to the past, but in the end, salaries haven't gone up that much." After weathering decades of deflation and stagnant growth, Japan is seeing an investment boom that has made apartments in central Tokyo unaffordable for young Japanese professionals. For locals, the surge in prices has made Tokyo the second most unaffordable city worldwide, only behind Hong Kong, according to a UBS global real estate report. Average condo prices in central Tokyo were bumped up in the past year by a large supply of high-end residences hitting the market.
Persons: Kawamata, she'd, I'm, haven't, Cushman, Mari Kumagai, Kumagai, Wang Mao San, Wang, Mari Mochizuki, who's, Mariko Katsumura, Rocky Swift, Sonali Paul Organizations: Mori, Kyodo, REUTERS Acquire, Rights, Real Estate Economic, UBS, Reuters, Cushman & Wakefield, Wakefield, Shingi, fusaya Realty Inc, Super, Japan Real Estate Institute, Thomson Locations: Tokyo, Japan, Hong Kong, London, Singapore, New York, China, Asia, Asia Pacific, Australia, Taiwan, Taiwanese, Osaka, Tokyo's
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Persons: Dow Jones, tim Organizations: wakefield
Former Red Sox knuckleballer Wakefield dies at 57
  + stars: | 2023-10-01 | by ( ) www.reuters.com   time to read: +3 min
[1/2] Boston Red Sox starting pitcher Tim Wakefield throws a pitch to the New York Yankees in the first inning of their MLB American League baseball game at Yankee Stadium in New York September 25, 2011. REUTERS/Ray Stubblebine/File Photo Acquire Licensing RightsOct 1 (Reuters) - Former Boston Red Sox pitcher Tim Wakefield, whose unpredictable knuckleball flummoxed opponents during a career in which he won two World Series championships, died on Sunday after a battle with brain cancer. "Tim's kindness and indomitable spirit were as legendary as his knuckleball," said Red Sox principal owner John Henry. After a standout season for Boston's Triple-A minor league team, Wakefield was a hit with the Red Sox in 1995, going 16-8 with a 2.95 ERA in what might have been his best season. "We are deeply saddened by the loss of Tim Wakefield, one of the most unique pitchers of his generation and a key part of the most successful era in the history of the Boston Red Sox," said MLB Commissioner Robert Manfred.
Persons: Tim Wakefield, Ray Stubblebine, Cy Young, Roger Clemens, Wakefield, Roberto Clemente, John Henry, ", Robert Manfred, knuckleball, Frank Pingue, Christian Radnedge Organizations: Boston Red Sox, New York Yankees, MLB American League baseball, Yankee, REUTERS, Wakefield, Major League Baseball, Boston, Pittsburgh Pirates, Red Sox, Pittsburgh, Pirates, Boston's Triple, Thomson Locations: New York, Boston, Toronto
CNN —Longtime Boston Red Sox pitcher Tim Wakefield died Sunday morning at age 57, the team announced in a news release. “Our hearts are broken with the loss of Tim Wakefield,” the Red Sox posted on X on Sunday. His 186 victories in his Red Sox career are just six behind team record-setters Young and Roger Clemens. At his retirement announcement in February 2012, Wakefield said all he ever wanted to do was to help the Red Sox be champions. “Tim’s kindness and indomitable spirit were as legendary as his knuckleball,” said Red Sox owner John Henry.
Persons: CNN —, Tim Wakefield, Wakefield, of Famer David Ortiz, , , Bob Ryan, Roberto Clemente, Cy Young, Young, Roger Clemens, Wakefield’s, Yoon, John Henry, Rob Manfred, Manfred, Tim, ” Manfred, Curt Schilling, Schilling, ” Wakefield, Stacy, Trevor, Brianna Organizations: CNN, CNN — Longtime Boston Red Sox, Red Sox, Red Sox Nation, Sox, of Famer, Wakefield, Pittsburgh Pirates, American League, MLB, Sporting News, ” Red Sox, Boston Globe, Red Sox Foundation, Boston Red Sox, Cancer, Pirates Locations: ,
Amazon does not disclose how many data centers it occupies, where they are located, or how much electricity they consume. Many of Amazon's data centers listed in the permits have been built recently and some may still be under construction. "You cannot run a data center based on the variability of solar and wind," Boston said. Any producer of renewable energy can sell one REC for every megawatt hour of renewable energy it generates. Brady, the Cushman & Wakefield data center executive, said that data centers often match their backup generation to the capacity of a data center's power supply.
Persons: Shaolei Ren, David Ward, Abraham Silverman, Sean Brady, Glenn Youngkin, Steve Helber, Terry Boston, , Ben Hertz, Wood Mackenzie, Andy Jassy Mike Blake, Amazon's, Priya Barua, We've, Barua, Blackstone, Weston Swenson, Brady, Swenson, Josh Levi Organizations: Amazon, Washington DC, Amazon Web Services, UC Riverside, Columbia University's Center, Global Energy, Cushman & Wakefield, Dominion Energy, France's, AP, Greenhouse Gas Initiative, Republican, State Corporation Commission, Boston, state's Department, Environmental, Reuters, Microsoft, Google, Apple, Clean Energy Buyers Association, Virginia's Department, Industry, Cushman &, Dominion, Data Center Coalition Locations: Virginia, New York City, Washington, Seattle, France, Ward, Northern Virginia, West Coast, Cushman & Wakefield, CBRE
CNN —Before Alix Dorsainvil was kidnapped with her child in Haiti, the American nurse described Haitians as a “resilient people” who are “full of joy and life and love.”Her comments came in a video on the website of El Roi Haiti, the Christian humanitarian aid organization for which she works. Dorsainvil, the wife of El Roi Haiti Director Sandro Dorsainvil, and their child were reportedly abducted Thursday morning while serving in their community ministry on El Roi Haiti’s campus near the capital city Port-au-Prince, according to a statement from the non-profit. The same day, the US State Department ordered the departure of nonemergency government personnel from Haiti as the security situation in the country deteriorates. Dorsainvil, a nurse from New Hampshire, moved to Haiti after her husband invited her to the Haitian school to provide nursing care for the children, Dorsainvil explained in an undated video on the organization’s website. “Please pray for Alix Dorsainvil,” the school said.
Persons: Alix Dorsainvil, , Dorsainvil, El Roi, Sandro Dorsainvil, Sandro Dorsainvil’s alma, ” Dorsainvil, , ” El, ” “ Alix, Jesus, Antoinette Hays Organizations: CNN, El Roi Haiti, US State Department, Authorities, United, School, State Department, U.S . Department of State, Department of State, U.S, Cornerstone Christian Academy, Regis College, ” Regis Locations: Haiti, El Roi Haiti, El, El Roi Haiti’s, Port, United States, Canada, United Nations, New Hampshire, Montana, ” El Roi Haiti, U.S, Wakefield, Weston , Massachusetts
All three major averages advanced for the week, powered by strong mega-cap earnings and favorable inflation data. Looking to next week, earnings season enters its second half with the last of our mega-caps — Apple (AAPL) and Amazon (AMZN) — set to report on Thursday. We'll get a better read on the employment picture on Wednesday with the ADP report and then, more importantly, on Friday's nonfarm payrolls report for July. Thursday after the close brings us to the main events of the week: Earnings from Apple and Amazon. For those looking to review first quarter performance ahead of these releases, be sure to keep our first-quarter earnings report card handy.
Persons: We'll, that's, Stanley Black, Decker, Emerson, Bausch, Leggett, Platt, SIRI, Ares, COLM, PERI, Kraft Heinz, Phillips, Ferrari N.V, Johnson, Robinson, COOK, BUD, Kellogg, Papa, Pitney Bowes, Parker, Trimble, Ziff Davis, Nonfarm, Jim Cramer's, Jim Cramer, Jim, Apple Tim Cook, Kevin Dietsch Organizations: Nasdaq, Dow, Federal Reserve, Federal, ISM Manufacturing, Services PMI, Investors, Caterpillar, Devices, Starbucks, Natural Resources, AMD, Management, Emerson Electric and, Humana, Bausch Health, Apple, Microsoft, Resource Partners, AerCap Holdings, CNA Financial Corp, CNA, Apellis Pharmaceuticals, Bank, SJW, Hutchison China MediTech, Camtek Ltd, Silvercrest Asset Management, Loews Corp, Oxford Lane Capital Corp, Banco Santander, Silicom Ltd, SuperCom Ltd, Arista Networks, Avis Budget Group, Diamondback Energy, Lattice Semiconductor Corp, Republic Services, Yum China Holdings, Western Digital Corp, Power Systems, Tenet Healthcare Corp, Vornado Realty, BioMarin Pharmaceutical, PetMed, SBA Communications Corporation, Brixmor, Snack Foods Corp, Cushman & Wakefield, Sanmina Corporation, TFI, PMI, Cruise Line Holdings Ltd, Uber Technologies, Pfizer, Enterprise Products Partners, Merck, JetBlue Airways Corporation, Allegro MicroSystems, Altria, SunPower Corp, SiriusXM Holdings, Molson Coors Beverage, Marriott International, Toyota Motor Corp, BP, SYSCO Corp, Marathon Petroleum Corp, Ares Management, Equitrans Midstream Corporation, Game Technology, Illinois Tool, IDEXX Laboratories, Rockwell Automation, Packaging International Corp, Gartner, Zebra Technologies Corp, IQVIA Holdings, Oshkosh Corporation, Leidos Holdings, Eaton Corp, yte Corp, Lear Corp, Starbucks Corp, Devon Energy Corp, SolarEdge Technologies, Lumen Technologies, Virgin Galactic Holdings, Caesars Entertainment, VF Corp, Sciences Corp, Paycom, Vertex Pharmaceuticals, Suncor Energy, Holdings, Chesapeake Energy Corp, Boston Properties, American International Group, AIG, Allstate Corp, Aspen Technology, Electronic Arts, EA, Flowserve Corporation, Denny's, Corp, Prudential Financial, Store, Ternium S.A, Vimeo, Emerson, Lomb, CVS Health, Generac Holdings, Cameco Corp, Perion Network Ltd, Builders, Carlyle Group, Scorpio, Teva Pharmaceutical Industries, Ltd, Rithm Capital Corp, AeroSystems Holdings, Vertiv Holdings Co, Johnson Controls, CDW Corp, DuPont, Brands Holdings, Scotts Miracle, Gro, SMG, Brands, Allegheny Technologies, AmerisourceBergen Corporation, ABC, Real Estate Corporation, Adient plc, Editas, Garmin Ltd, WWE, Bunge Ltd, Criteo S.A, PayPal, QUALCOMM, Occidental Petroleum Corp, Apache Corp, Albemarle Corp, MGM Resorts International, MGM, Marathon Oil Corp, Joby Aviation, Industrial, CF Industries Holdings, Goodyear Tire &, Realty ome Corp, Metlife, Pacific Biosciences of, Rush Street Interactive, Zillow, JFrog Ltd, Herbalife Nutrition Ltd, Simon Property Group, McKesson Corp, Storage, Cerus Corporation, GXO Logistics, MAX Holdings, Health, Anheuser, Busch InBev, Warner Bros ., Cheniere Energy, ConocoPhillips, Hasbro, CIGNA Corp, Lantheus Holdings, Regeneron Pharmaceuticals, Fiverr International, Air Products & Chemicals, TopBuild Corp, EPAM Systems, Lightspeed Commerce, Aurinia Pharmaceuticals, Cummins, CMI, Slair Corporation, Starwood Property Trust, Vulcan, Alnylam Pharmaceuticals, New Energy Corp, Cedar Fair Entertainment, Intellia Therapeutics, Lending, Privia Health, Dickinson, Chimera Investment, CIM, Hyatt Hotels Corp, Lion Electric, LEV, Deluxe Corp, Murphy Oil Corp, PBF Energy, Papa John's, Targa Resources Corp, Wix.com Ltd, Apollo Global Management, LLC, Butterfly, Sempra Energy, Aptiv PLC, Brookfield Infrastructure Partners, Canada Goose Holdings, Hannifin Corporation, WESCO International, WCC, Arrow Electronics, Constellation Energy Group, Midstream Partners, Coinbase, Petroleo Brasileiro SA Petrobras, Gilead Sciences, Opendoor Technologies, Booking Holdings, Atlassian Corporation, International, Redfin Corporation, Motorola Solutions, Monster Beverage Corporation, Consolidated Edison, Rocket Companies, Apple Hospitality, Cirrus, Resources, Universal Display Corporation, Chesapeake Utilities Corp, Social, Defense, Security Solutions, Post Holdings, Tandem Diabetes Care, Nikola Corporation, Magna International, Dominion Energy, ACM Research, Frontier Communications, Brookfield Renewable Partners, inTEST Corporation, American Pipeline, TELUS International, XPO Logistics, Fluor Corp, Gray Television, Cboe, LyondellBasell Industries, Twist Bioscience, Global, Jim Cramer's Charitable, CNBC, Allen & Company Sun Valley, Getty Locations: U.S, China, India, Oxford, Chile, Illinois, Columbia, Pacific, Pacific Biosciences of California, Southern, PBI, Gilead, Sun Valley , Idaho
CNN —Organizers of the ‘F1 in Schools’ competition say the Netflix ‘Drive to Survive’ effect is reaching the classroom with a record number of teams entered in this year’s finals in Singapore in September. “There’s 68% girls in Saudi doing it and three (Saudi) teams coming with a majority of girls,” said Denford. The program launched in Britain in 2000 with eight schools in Wakefield and now has more than 28,000 educational institutions involved worldwide. At the youngest level, kids start at the age of nine with paper cars powered by bicycle pumps. In the top 11-19 age bracket, the cars are carved from a block of balsa wood and powered by a gas canister.
Persons: , Andrew Denford, , , , Denford, Charles Leclerc, Chris Graythen, We’ve Organizations: CNN —, Netflix, Singapore, Prix, Saudi, Ferrari, Miami Grand Prix, Formula, Pirelli, favela Locations: Singapore, Saudi, Britain, Wakefield, Soweto, Brazil
Formula One's Netflix effect filtering down to schools
  + stars: | 2023-07-12 | by ( Alan Baldwin | ) www.reuters.com   time to read: +2 min
LONDON, July 12 (Reuters) - Organisers of the 'F1 in Schools' competition say the Netflix 'Drive to Survive' effect is reaching the classroom with a record number of teams entered in this year's finals in Singapore in September. "There's 68% girls in Saudi doing it and three (Saudi) teams coming with a majority of girls," said Denford. The programme launched in Britain in 2000 with eight schools in Wakefield and now has more than 28,000 educational institutions involved worldwide. At the youngest level, kids start at the age of nine with paper cars powered by bicycle pumps. In the top 11-19 age bracket the cars are carved from a block of balsa wood and powered by a gas canister.
Persons: Andrew Denford, We've, Alan Baldwin, Toby Davis Organizations: Schools, Netflix, Singapore, Prix, Saudi, Formula, Pirelli, Thomson Locations: Singapore, Saudi, Britain, Wakefield, Soweto, Brazil
Rising inventories and price-cutting could represent only a short-term pause in EV market growth. If production of EVs continues to outpace demand, automakers will have to choose between slashing prices and profit margins, or slowing assembly lines. More than 90 new EV models are expected to hit the U.S. market through 2026, according to AutoForecast Solutions. In a statement, Volkswagen's U.S. sales arm said "we have seen some softening in EV sales in the U.S. recently" as supply chain bottlenecks have eased, allowing for increased production. Wakefield said it is too soon to declare that U.S. EV demand has hit a plateau.
Persons: Tesla, EVs, Cox, Ford, Vitaly Golomb, Biden, Price, Mark Wakefield, Wakefield, Joe White, Nick Zieminski Organizations: DETROIT, EV, North, AutoForecast Solutions, Dealers, General Motors, Ford, Hyundai, Toyota, Cox Automotive, U.S, Cox, GM, Cadillac, GMC, Volkswagen, U.S ., VW, Industry, EVs, Thomson Locations: U.S, North America, United States, Texas, Washington, Tennessee
The real question is how long will UAW workers stay off the job, said Mark Wakefield, co-head of AlixPartners' automotive practice. Around 1,680 union workers company-wide agreed to take the buyout, according to a union representative. He opted for a voluntary transfer to a Stellantis plant in Toledo, Ohio. Illinois Governor J.B. Pritzker has also stepped up efforts to salvage the 58-year-old Belvidere plant that once employed 4,500 union workers. Reporting by Bianca Flowers in Belvidere, Illinois Additonal reporting by Joseph White in Detroit Editing by Ben Klayman and Matthew LewisOur Standards: The Thomson Reuters Trust Principles.
Persons: Matt Frantzen, Tesla, Shawn Fain, Fain, Mark Wakefield, Wakefield, Mary Barra, Jim Farley, Barra, Farley, Carlos Tavares, Stellantis, Robert Stacy, Auston Gore, Joe Biden, J.B, Pritzker, Brandon Campbell, Bianca Flowers, Joseph White, Ben Klayman, Matthew Lewis Organizations: United Auto Workers, automakers, UAW, General Motors, Ford, Detroit, CNBC, Detroit Free Press, Stellantis, U.S, Illinois, EVs, Thomson Locations: BELVIDERE , Illinois, Illinois, Belvidere, idled, U.S, Washington, EVs, Toledo , Ohio, Chicago, Belvidere ., Michigan, Indiana, Belvidere , Illinois, Detroit
The federal government is embracing remote work and cutting back its office footprint nationally. President Joe Biden and Donald Trump might not appear to agree on much, but when it comes to cutting back on office space, they're aligned. Now federal tenants are in for a new phase of belt-tightening as more accept remote and hybrid work, real estate experts say. "The majority of federal offices are still largely vacant on most days," said Darian LeBlanc, the director of government services at Cushman & Wakefield. So far, only the Department of Veterans Affairs has publicly said how it plans to use remote and hybrid work.
Persons: Joe Biden, Donald Trump, Barack Obama, Biden —, Darian LeBlanc, LeBlanc, Rachel Davis, Davis, — Davis, Bob Hunt, Martin Selig, Jesse Lawder, Selig, Shalanda Young, Denis McDonough, Cushman, JBG Smith, Christi, who's Organizations: , Trump, Cushman &, Washington DC, General Services Administration, Department of Labor, Management, FBI, Securities and Exchange Commission, Environmental Protection Agency, Minerals Management Service, Department of Veterans Affairs, National Transportation Safety, L'Enfant Plaza, state's Department of General Services, National Association of State Locations: Cushman & Wakefield, United States, JLL, Seattle, Washington, L'Enfant, . Tennessee, Nashville, Knoxville, Memphis, Chattanooga, Branscom, California , Illinois, North Carolina, Florida
Individual vehicle prices aren't going down, but the average car price is overall. Combined with incentives improving, average transaction prices could fall 7% by 2025. Car prices could fall by about 7% by 2025, providing some much-needed relief for car shoppers after years of jacked-up prices, according to consultancy AlixPartners. There might also be more options than simply luxury or higher-end vehicles, resulting in a blanket drop in average auto-buying prices. Car companies learned they could sell more expensive vehicles and vehicles at higher prices overall, especially during the vehicle supply-and-demand scare brought on by the pandemic.
Persons: Mark Wakefield, they've, aren't, AlixPartners, carmakers Organizations: AlixPartners, Morning Locations: AlixPartners ., AlixPartners
In San Francisco, Nordstrom said it would close its longtime store at San Francisco Centre in August, which will leave the mall 45 percent empty. Westfield isn’t the first mall owner to decide to leave a longtime downtown shopping center. Last year, Brookfield Property Partners relinquished Chicago’s Water Tower Place, the mall that anchors the Magnificent Mile, an upscale commercial district. More than half of the space in Water Tower Place is vacant, including an anchor store location that was a Macy until 2021, according to Cushman & Wakefield. Indeed, Westfield’s decision in San Francisco is part of a broader strategy by its parent company, Unibail-Rodamco-Westfield, to greatly reduce the number of malls it operates in the country.
Persons: Yasukochi, ” Banks, ” Mr, Nordstrom, Neiman Marcus, REI, Macerich Organizations: San Francisco Centre, Hudson, Nike, Brookfield Property Partners, Macy, Cushman & Locations: San Francisco, New York, Manhattan —, Seattle, Portland, downtowns, Westfield, Cushman & Wakefield, United States
In 2006, the British artist Hurvin Anderson painted his first barbershop scene. In “Barbershop,” reflections from the mirrors above a worktop create a series of rectangular patterns, like an abstract painting. In front, two slightly disordered chairs sit surrounded by scraps of hair, as if the clients have only just left, and the viewer is next to sit down. Many of these works are now on view, until Nov. 5, at “Hurvin Anderson: Salon Paintings” at the Hepworth Wakefield, a museum in northern England. (The name of the show, chosen by Anderson, refers to both hair salons and the historical art exhibitions in Paris.)
Persons: Hurvin Anderson, Hepworth Wakefield, Anderson Organizations: Hepworth Locations: British, Anderson’s, Birmingham, London, Jamaica, England, Paris
CNN —More than 20 years after British comedian Ricky Gervais gave insufferable middle-manager David Brent global fame, an Australian version of the hit show “The Office” is being made, this time with a female lead. Since its debut in 2001, “The Office” has won multiple awards and inspired local versions in countries including Chile, Israel, India, and Poland. The Australian series is the 13th adaption and the first to cast a woman in the lead role. The Australian edition is co-produced by BBC Studios Australia and New Zealand, Bunya Entertainment, and Amazon Studios. In a statement, Gervais, who co-created “The Office” with Stephen Merchant said he was excited about the Australian version.
Persons: Ricky Gervais, David Brent, Felicity Ward, Hannah Howard, Brent, Michael Scott, , Ward, she’d, Gervais, Stephen Merchant, Kylie Washington, it’s Organizations: CNN, BBC, Wakefield ”, BBC Studios, Bunya Entertainment, Amazon Studios, BBC Studios ANZ Locations: British, Chile, Israel, India, Poland, BBC Studios Australia, New Zealand, Sydney
Many job seekers have started using ChatGPT and similar AI tools to write résumés and cover letters. 39% of surveyed HR professionals said using AI in applications is a dealbreaker. Some recruiters said that using AI to write applications could be a "marketable skill." Plovie added that it's hard to say if companies will seek job candidates who have "expertise and experience" with AI tools. Are you an employer who doesn't want job candidates using AI tools to help with their résumés or cover letters?
These big chains and others have closed stores in major US cities recently, raising alarm about the future of retail in some of the country’s most prominent downtowns and business districts. How policymakers remake their downtowns — with retail as a crucial attraction — will be crucial to cities’ fiscal health and regional economies. People who are being employed in those stores are losing their jobs” because of crime, New York City Mayor Eric Adams, a Democrat, said in February. San Francisco lost around 6% of its retail establishments from 2019 to 2021, according to the think tank’s research. For example, chain-store closures in New York City have correlated to the products most frequently bought online.
Potential problems at One Market Plaza show how far San Francisco's office market may fall. One Market Plaza has long been considered the pinnacle of San Francisco's office market. Autodesk plans to downsize by about 73,000 square feet to 211,000 square feet, a spokeswoman told Insider. Google did not respond to a request for comment on its plans for One Market Plaza. One Market Plaza could indicate how far San Francisco's office woes reachTurbulence at One Market Plaza indicates the extent of the problems facing San Francisco's office market.
A storm that passed over Virginia Beach on Sunday evening brought one confirmed tornado and caused damage to multiple homes close to the coast, the authorities said. The tornado went through the Fort Story area in northeastern Virginia Beach just before 6 p.m., said Mike Montefusco, a forecaster with the National Weather Service in Wakefield, Va. The tornado’s exact path will be confirmed through a survey on Monday. Damage was reported to at least 12 homes as of early Sunday evening, said Tiffany Russell, a spokeswoman for the city of Virginia Beach. Residents also reported gas leaks.
The biggest week of this earnings season showed us that things aren't as bad as many feared. The week ahead of earnings, including several more Club names, should tell us more. The results are always important, but it's the guidance and management commentary we will really hone in on to better understand the path ahead. In Amazon's case, a solid first quarter for its AWS cloud business was overshadowed by management seeing a material slowdown in April. ET: Nonfarm Payrolls Looking back It was the biggest week of this earnings season for the Club as several of our mega-cap holdings and industry bellwethers reported results.
In strip malls across the country, Bed Bath & Beyond stores have "Closing Soon" signs. Its shuttered stores will kick off a land grab for retailers hungry for additional space. Bed Bath will join a list of other bankrupt companies, such as Kmart and Sears, that vacated spaces and made way for stores. Former Bed Bath stores could turn into a variety of other retail spaces, said Deborah Weinswig, CEO of Coresight Research, a retail advisory group. Weaker retailers' locations thinned out during the fallout of the Great Recession and again during the Covid pandemic, said James Bohnaker, senior economist with Cushman & Wakefield.
Apartment landlords are getting squeezed by rising interest rates and insurance costs . interest rates and insurance . But some big US landlords were already waist-deep in labor-saving technologies of their own to ward off profit squeezes, like the ones many are facing today. On the supply side, the race has been on for some time to sell landlords on tech that works. In this case, landlords are adapting to today's higher interest rates from a time when borrowing costs were low and taking any pressure off operations, he said.
As concerns about regional banks roiled markets, investors weighed another threat: commercial real estate. Also, layered on top of the property value pressure, are the tightening credit conditions brought on by the recent turmoil in the banking sector. There is no doubt this scenario is a toxic mix for the capital-intensive real estate industry. At the moment, many experts say the real estate market isn't causing trouble for banks, but fears about the financial system are likely worsening conditions in real estate because liquidity is being reduced. The biggest concern is seeing how many other companies join Brookfield , Blackstone and Pimco in handing back the keys on office properties, Clancy said.
"Weakness continues to develop in commercial real estate office," Wells Fargo Chief Executive Charlie Scharf said on a call with analysts. Stress in the commercial real estate sector could have broad implications for banks and the economy, as losses emanating there can tighten credit availability and exacerbate a downturn. More than $1.4 trillion in U.S. CRE loans will mature by 2027, with some $270 billion coming due this year, according to real estate data provider Trepp. As the epicenter for the technology industry downturn, California's CRE market has been hit hard. Citigroup and Wells Fargo declined to comment for this article.
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