NATIONAL

Amazon Underwriting ‘Outbidding the Whole Market' for Industrial
GlobeSt
John Basile, Executive Vice President, Industrial Services, NAI Hiffman, tells GlobeSt.com that rising escalations are indicative of a market that was (is) extremely tight, with landlords able to push rates, in part, because of Amazon underwriting (outbidding) the whole market in recent years. He said he also is seeing 3% property management fees on these higher prices, adding to the cost.

NEW YORK

NYC office market faces ‘real estate apocalypse'
Construction Dive
Office valuations in New York City are forecasted to decline by as much as 39% by 2029 due to remote work trends, according to a recent report from professors at the NYU Stern School of Business and Columbia University Business School. That plunge represents a $453 billion valuation drop for New York City office buildings, while similar declines could occur in other U.S. cities, the report noted.