Office Owners Reeling From Remote Work Now Fret About Recession
Rising interest rates and growing recession fears are compounding the woes of office landlords grappling with the spread of remote work. An index tracking the shares of publicly traded office owners was down 29% over the first two quarters, compared with a 21% decline by the S&P 500 stock index.
Lonely Last Days in the Suburban Office Park
The New York Times
The wooded campus that once housed the global headquarters of Toys "R" Us in Wayne, N.J., is 85 percent vacant today. On a weekday, the parking spots for 1,900 cars are mostly empty. The helipad is unused. So is the corporate dining hall, with its views of the serene grounds.
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New York real estate turns negative as June contracts fall 29%
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