Chuck McShane’s Post

Another unbelievably out-of-touch move by the government. Maybe people aren't shopping downtown because inflation is at a high, gas prices are off the charts and people just can't afford it? The government's "solution" to consider forcing downtown workers back to the office solely to try to push downtown business profits is greedy and inconsiderate to the needs of hundreds of thousands of workers who finally have a proper work-life balance and are saving thousands of dollars on transportation costs, as well as having much more time to spend with family and loved ones. Vacancy is not the problem. Affordability is the problem. And it's the same reason so many people are moving out of Toronto in the first place. Imagine having to explain to your employees that they're returning to office full-time not because of collaboration or efficiency or necessity, but because "Toronto really needs the money". Businesses need to remember that all their power comes from their employees, and when workforce morale plummets due to business decisions significantly affecting employees which are decided on without input from its employees, no one benefits. The hundreds of thousands of workers negatively impacted by a potential decision like this will also remember it during next election time.

New office towers have the potential to thrive in Atlanta despite high vacancies. Atlanta Business Chronicle examines why and how developers may reposition older buildings to attract tenants. Read more: https://lnkd.in/ghwuQ5-D #IndustryUpdate #CommercialRealEstate #Atlanta #TuesdayThought

1️⃣ Philly Mayor wants employees back in the office to revitalize Center City: 2️⃣ Baltimore Mayor wants employees back in the office to revive city businesses For my city, Philly: Pre-pandemic: 21,000 office workers around City Hall Post-pandemic: nearly half that at 13,000 That's a 38% drop in Center City. There is individualism here in thought. There is what is best for my family. There is what as a business owner do I owe my city to help the merchants, restaurants, small businesses, shopping center, etc stay open. But this isn't even reading between the lines anymore. It just feels like if you work for an organization that is mid to large size with the main office located in a city you will be called back to the office on at hybrid schedule - at a minimum. https://lnkd.in/eB7B3USC https://lnkd.in/e-ThgCkT #remote #philly #baltimore #jobs #rto #returntooffice #hybrid

New office vacancy level unlocked. 🔓 This isn't the first time the US has taken a hit on office vacancies. Yes, those of us who were employed in the '80s and '90s have seen this story played out before where Real Estate Owners have to make strategic decisions around unleased spaces. But CRE leaders have new tools that weren't available to them back then: reliable, unbiased occupancy analytics and utilization rates. The Wall Street Journal #utilizationrate #realestatemanagement #occupancy https://lnkd.in/edRhjW2N

Highest Office Vacancy Rates, by City: 1. Detroit, MI: 25.7% 2. Houston, TX: 25.4% 3. San Francisco, CA: 24.2% 4. Seattle, WA: 22.3% 5. Austin, TX: 21.2% Lowest Office Vacancy Rates, by City: 1. Charlotte, NC: 15.7% 2. Philadelphia, PA: 14.3% 3. Miami, FL: 14.1% 4. Tampa, FL: 13.9% 5. Boston, MA: 10.6% Nationwide, the office vacancy rate hit 19.6% in Q3 2023 which is a new all time high. Commercial real estate continues to face a historic bear market as office prices are now down 40% from their peak. (TKL)

Top 10 Most Vacant Downtown Office Buildings There was a recent article that did the rounds talking about how 60% of Office Vacancies are Concentrated in 10% of Buildings. However, this article was solely looking at U.S. markets. In Canada, downtown office vacancy in our larger markets is pretty spread out more evenly across the inventory. However, the smaller the market, the easier it is for one or two buildings to skew the results. Read more: https://ow.ly/g4xF50RQPPc #research #weeklyinsights

In the Baltimore region, one of the most glaring vacancies will crop up in downtown’s central business district early next year after T. Rowe Price Group makes its long-planned headquarters move from 100 E. Pratt St. to two seven-story buildings in Harbor Point, one of the city’s newest mixed-use waterfront communities east of the Inner Harbor. The void that will create at the prominent Pratt Street tower is expected to catapult the central business district’s vacancy rate from its current 22.5% to more than 30%, the highest on record and the biggest jump since just before the pandemic, according to JLL data. #cre #officebuildings #vacancy https://lnkd.in/e8SXruzC

Top 10 Most Vacant Downtown Office Buildings There was a recent article that did the rounds talking about how 60% of Office Vacancies are Concentrated in 10% of Buildings. However, this article was solely looking at U.S. markets. In Canada, downtown office vacancy in our larger markets is pretty spread out more evenly across the inventory. However, the smaller the market, the easier it is for one or two buildings to skew the results. Read more: https://ow.ly/gMvr50RY8bC #research #weeklyinsights

Top 10 Most Vacant Downtown Office Buildings There was a recent article that did the rounds talking about how 60% of Office Vacancies are Concentrated in 10% of Buildings. However, this article was solely looking at U.S. markets. In Canada, downtown office vacancy in our larger markets is pretty spread out more evenly across the inventory. However, the smaller the market, the easier it is for one or two buildings to skew the results. Read more: https://ow.ly/MBjw50RXaGy #research #weeklyinsights

Top 10 Most Vacant Downtown Office Buildings There was a recent article that did the rounds talking about how 60% of Office Vacancies are Concentrated in 10% of Buildings. However, this article was solely looking at U.S. markets. In Canada, downtown office vacancy in our larger markets is pretty spread out more evenly across the inventory. However, the smaller the market, the easier it is for one or two buildings to skew the results. Read more: https://ow.ly/hoqs50RT2rx #research #weeklyinsights