DID YOU KNOW? WeWork occupied more than 7 million square feet as of the end of June, about 73% more than it had a year before, CBRE data show. Yet it is still a small fraction of the total office space in New York City which is roughly 550 million square feet. WeWork accounted for 6.8% of Manhattan leasing activity in 2018, and 5.2% so far in 2019. Less demand from WeWork would probably lead to a modest increase in vacancies across the New York office market.
DID YOU KNOW? Cities with more than 500,000 people collectively lost almost 27,000 residents age 25 to 39 in 2018, the 4th consecutive year that big cities saw this population of young adults shrinks, yet HALF the number that left in 2017 (54,000). New York, Chicago, Houston, San Francisco, Las Vegas, Washington and Portland, Ore., were among those that lost large numbers of residents in this age group. Los Angeles, Phoenix, San Antonio, San Diego, Austin, Seattle, Denver and Columbus gained large numbers of this age-group. The majority of people in these age groups who leave cities move to nearby suburbs or the suburbs of other metro areas, and there is absolutely nothing terribly new about this trend! (WSJ)
DID YOU KNOW? A 2017 study of U.S. mayors that found that only 13% said the housing stock fit the needs of their constituents “very well” or “extremely well,” a sentiment that was true in rich and poor cities alike. (WSJ)
DID YOU KNOW? There were 22.8 million people worldwide with fortunes of more than $1m in 2018, an increase of 1.1% over 2017. (WEALTH-X)
DID YOU KNOW? Retail vacancies in New York City doubled to 11 million square feet between 2007 and 2017. Empty storefronts jumped by nearly 50% to 5.8% from 4% during that same period. Rates are the highest in Staten Island at 11%. On average rents rose by 22% and the Upper West Side saw the highest hike at 68%. (Good Day New York)
DID YOU KNOW? Lower demand for US lumber due to 25% China tariffs has pushed prices down 20% in August from a year earlier, one rare upside to the US-CHINA trade war. Could this fuel lower building costs?