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After officially filing for Chapter 11 bankruptcy protection last week, WeWork has released a subsequent list of 40 “underperforming locations” across New York City that the company hopes to walk away from over the coming months pending court approvals. The news was first made public via the... View full entry
Commercial-property prices in major cities around the world tumbled in the second quarter, amid signs of slower global growth and heightened trade tension between China and the U.S.
Average property prices fell in the second quarter from the first quarter in Hong Kong and Seoul to London and Washington, D.C., according to data from Real Capital Analytics.
— The Wall Street Journal
The Wall Street Journal reports that Melbourne, central Sydney, Seoul, Singapore, Paris, London, Chicago, and Washington, D.C. all saw a retreat in commercial real estate property values during the second quarter of 2019. The trend applies to struggling sectors like office buildings and malls. View full entry
Property funds worth £18 billion have stopped trading after Brexit sent a chill through the commercial property market. [...]
The fear was that too many property investors would try to take their money out at once, forcing fund managers to sell properties at a loss. [...]
The Bank of England has warned that the share prices of UK real estate investment trusts have fallen sharply following the referendum.
— Independent
Read more about the effects of Brexit on archinect:Creative Currency, post-BrexitPost-Brexit pessimism causes precautionary job lossesAfter Brexit, “the priority for the government at this time will not be big sexy projects”Architects react to shocking EU referendum result View full entry
