Rechler: There's Been A Day Of Reckoning For Commercial Real Estate
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- เผยแพร่เมื่อ 7 ก.ย. 2024
- Scott Rechler, CEO and Chairman of RXR, joins Bloomberg Intelligence to discuss the latest in commercial real estate, and the possible housing shortage.
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Yeah, this guy gets it. Rates are what they are - commercial real estate has to figure it out quick without help from the FED lowering rates.
Also need to figure out how they will handle higher rates. The “lower the rate” narrative doesn’t guarantee to act as an anchor in keeping the rates steady. They can still go up.
For the first time in a long time, valuations of certain sectors like office will depend more on leasing conditions than cap rate compression.
The big one is companies that own these assets have to mark to market when within 12 months of a maturity wall… balance sheet wrecked, junk bond status, inability to refinance, bankrupt
I see people talking about rates but my office building is empty because everyone is working from home. Lower rates isnt gonna get me back in the office so this whole rates thing is a lie to get people to think this will get better. Its not unless they turn them into condos which will in turn crash the cities residential prices.
Not to mention the cost to renovate which would push the property owner further in to debt. Its all gonna hit the fan.
But working from home is up to employers. If most employers decide we are no longer working from home, that is what happens, whether employees like it or not. The question is why employers have not taken a hard stance, and some of the stuff he is talking about may contribute to that.
@idwtgymn thats not true. As long as some companies offer WFH then the best workers will go there. If companies want the best employees they will need to follow suit. Also companies are about the bottom line. If it's cheaper to have employees work from home plenty of companies will offer it.
Not to mention by allowing WFH your potential applicant pool goes from a small region to the whole country.
Sure old school execs might want people in the office but they will adapt or die.
@@WingfanSports You are only describing one side of the market forces, the side that supports your conclusion. You could just as easily say the best employers will only hire people who work at the office, so if employees want the best jobs they will go back to the office, etc. There are two sides to the market forces, but not much is going to overcome the inefficiency of working from home. For many positions and work types, the cost of that inefficiency dwarfs the cost of office space or the cost of the wage difference necessary to compensate an employee for needing to come in to work.
@idwtgymn we will disagree on this. I worked in an office for many years and now from home. Most corporate jobs can be done from home more efficiently. And your ignoring that we are going from almost no remote work to at least some when the dust settles. This will impact commercials real estate just as much as rates which was my original point.
@@WingfanSports A small fraction of remote work will not impact things "just as much", it will impact it little at all. 10-20 percent fewer people needing an office (keep in mind hybrid positions still need the same office space for the most part), will easily be absorbed by the fact that the work force is always growing and a few repurposing projects here and there. And most jobs are less efficient at home because people are less efficient at home, which is becoming more clear the longer this remote thing goes on.
Really great expertise shared here. Thank you for not mincing words.
This is amazing not having to put up your actual money and risk being scammed with a wallet lock on the platform, just paying the gas fees...this looks brilliant!
A bit perplexed will such generosity continue indefinitely, or is it only now you can stake your cake at such a favorable interest?
Do you know how i can stake polygon token ?
Clearly, Scott understands what it means to take a haircut.
Best post i found as far rest are trash and full of scam.. thanks dude
1.6 percent// > brun
Just discharge your debt on the public…… then run for president
GPs raking in fees while requiring capital calls from LPs. GPs and mgt need to take haircuts, too.