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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIvanhoe Cambridge CEO: We have to be ready for the opportunity the day interest rates stabilizeIvanhoe Cambridge CEO Nathalie Palladitcheff joins 'Squawk on the Street' to discuss the various opportunities in the United States, how bad the office real estate market is, and more.
Persons: Nathalie Palladitcheff Organizations: Ivanhoe Cambridge Locations: United States
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIvanhoe Cambridge CEO on return to office and commercial real estate stressNathalie Palladitcheff, Ivanhoe Cambridge CEO, joins 'Squawk on the Street' to discuss the state of the global real estate market and corporate real estate stress.
Persons: Nathalie Palladitcheff Organizations: Ivanhoe Cambridge
But this could present an opportunity to address shortages of homes, property bosses said. "Office buildings need to be converted to residential," said Howard Lutnick, chairman and CEO of New York-based investment firm Cantor Fitzgerald, during a panel discussion. Offices are emptier than official data suggests as most buildings are still generating income for landlords. However, as these rental contracts expire, cities like New York will have a significant number of obsolete buildings, said Christian Ulbrich, CEO of global property consultancy JLL Inc. (JLL.N). Millions of workers were forced to work from home during lockdowns aimed at stalling the spread of COVID-19 in 2020.
It's time to face a harsher reality, real estate executives told financial and world leaders at the World Economic Forum's annual meeting in Davos, Switzerland, on Wednesday. The results of flexible work programs have hit the values of older office buildings in cities across the world as office tenants downsize. Sajwani, Palladitcheff, Ulbrich and Cantor Fitzgerald CEO Howard Lutnick all agreed that many office buildings will need to be repurposed or torn down. It's those less attractive places that face multiple challenges of crime and homelessness where the value of office buildings will deteriorate "quite quickly." Office buildings "will become eyesores and they will need to be fixed," Lutnick said.
Resilience is about purpose, says Ivanhoé Cambridge president
  + stars: | 2022-12-15 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailResilience is about purpose, says Ivanhoé Cambridge presidentNathalie Palladitcheff, president and CEO of Canadian real estate company Ivanhoé Cambridge, discusses resilience, and how risk can be assessed in real estate amid volatile market conditions.
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