The new space is a reduction from the roughly 800,000 square feet that KPMG currently leases across three towers in Midtown. The firm plans to leave those buildings.
Over 1,800 companies re-shored production in 2021, setting a new record for re-shoring activity, notes The Reshoring Initiative. These companies are looking for logistics facilities, warehouses and distribution sites.
While coworking provides similar solutions to flex space, there are some key differences. Flex space challenges the idea of traditional commercial offices, which typically require signing long-term leases.
Availability was close to 31 million sq. ft. in August 2022, according to real estate data fir CoStar. The last time there was close to this much empty space, office values plunged, causing billions in commercial real estate loans to sour.
Newmark's Lisa DeNight and Kyle S. Roberts discuss how the time it is taking to build new industrial facilities has lengthened along with other major trends from the logistics real estate segment.
As interest rates rise and the outlook for the economy at large remains uncertain, CRE investors who depend on debt have had to reassess their strategies. That’s impacting the property types they might consider for acquisition.
