Vacant office space in U.S. cities could create a 'debt spiral,' Dr. Tyler Goodspeed said on Newsmax's 'Carl Higbie FRONTLINE.' If more companies flee urban centers, those tax bases will come under pressure, Goodspeed said Wednesday.
Vacant office space in U.S. cities could create a “debt spiral,” Dr. Tyler Goodspeed said on Newsmax’s “Carl Higbie FRONTLINE.”
While residential real estate caused the Great Recession of 2008, “the next economic crisis will be empty real estate space,” Higbie said. “Corporate real estate is the engine of every major city, sometimes 50% of a major city’s tax base. It contributes $1 trillion a year to GDP.” “The national commercial real estate vacancy rate is 17.5%,” Higbie said. “Nearly 20 of the top 25 markets have reported vacancies in the past year. Writedowns in commercial loans could spell big trouble for the financial system just as the 2024 election gets underway.”As cities face budget constraints and cut back on major services, this could worsen urban exodus in every major U.S. city—creating a “doom loop,” Higbie said.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
TPD investigates deadly crash involving a commercial vehicle on southsideTucson police are investigating a deadly crash involving a commercial vehicle. The incident occurred at the intersection of East Los Reales Road and South Alvernon Way.
Read more »
Electric vehicle charging stations are a hot commercial property amenityCommercial real estate owners are trying to draw in EV owners by alleviating their range anxiety.
Read more »
What a stressed commercial real estate market means for these exposed bank stocksHigher interest rates, tightening credit conditions, and elevated office vacancies are weighing down the $21 trillion commercial real estate sector.
Read more »
Ethics rules needed for human research on commercial spaceflights, panel saysNew guidelines are needed to assure that research on human subjects performed on commercial spaceflights is conducted ethically, a panel of experts say in a commentary appearing in the September 28 issue of the journal Science. Their paper is titled 'Ethically cleared to launch?'
Read more »
Commercial spaceflight research needs a code of ethics, scientists saySpace travelers are likely going to participate in research, but no clear ethical guidelines exist.
Read more »