Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
People here are having conversations about 2 different sectors of workers: low wage retail and restaurant industry workers who by nature have to be PHYSICALLY PRESENT to do their jobs.
Professional workers are supposed to "Take One for the Team" to pay for the restaurant workers.
My opinion is just clear out Midtown and transform it into something else, setup a bunch of ghost kitchens, only slight retooling/reskilling required
This makes absolutely ZERO sense. Leases are broken all of the time. In fact, many leaves have clauses whereby a lease can be terminated early for various reasons (usually includes some type of fee).
Do you fools really think that these companies that swim in money are afraid of breaking leases?
Where did i say anything about being afraid of breaking the lease?? Yes, Morgan Stanley can break the lease but as you said there are consequences that are unknown to us. What will they claim as the reason that they need to break their lease? They want to save money by implementing WFH and smaller offices... Do you believe the landlord will be merry and cherry about it and just say go for it. The landlord can fight it and enforce the lease agreement.
Look at Conde Nast trying to revise their Billion dollar lease from 1 WTC.
"In a note to investors earlier this month, the Port Authority said, “The Port Authority has received a request from Advance Magazine Publishers Inc., the anchor tenant at 1 World Trade Center, that it be permitted to reduce both the square footage under its lease and rent per square foot for the remaining space. Advance has, without being permitted to and without legal justification, unilaterally withheld approximately $9.6 million of rent payments due and owing for January through April 2021.
“The Port Authority believes it has strong contractual rights to enforce full payment by Advance which it intends to assert.”"
Imagine the bad publicity, etc.
Look at what Cristiano did to Coca-Cola by moving the coke bottles away from him and lifting a plain water bottle and saying "aqua!"
but as you said there are consequences that are unknown to us.
The consequences are well known by RXR.
Eventually Bank of America and the other big 4 will be capsized because it has underwritten too many commercial mortgage backed securities.
Property values assessments for commercial properties are based on forecasted mortgage and rent payments just like residential.
What happens when it's been 10 years since you last received a rent payment? Even if you own the building in full you're underwater from the property taxes. And there's only so long municipalities will let that slide.
So either the Fed agrees to takes a revenue hit on the back end, states reduce social benefits and upkeep or consumers are forced back into cities to continue to feed the CLO meat grinder.
Eventually Bank of America and the other big 4 will be capsized because it has underwritten too many commercial mortgage backed securities.
Property values assessments for commercial properties are based on forecasted mortgage and rent payments just like residential.
What happens when it's been 10 years since you last received a rent payment? Even if you own the building in full you're underwater from the property taxes. And there's only so long municipalities will let that slide.
So either the Fed agrees to takes a revenue hit on the back end, states reduce social benefits and upkeep or consumers are forced back into cities to continue to feed the CLO meat grinder.
I believe REBNY is putting the pressure on all these clowns saying get back in the office.
I believe REBNY is putting the pressure on all these clowns saying get back in the office.
Both LIRR MTA, MEtro North and all others need slaves to commute to work like they used to.
Id be delighted if at least half of the commuters wont be coming back to city for various reasons, making their life more joyful. I hope I am one of them.
Eventually Bank of America and the other big 4 will be capsized because it has underwritten too many commercial mortgage backed securities.
Property values assessments for commercial properties are based on forecasted mortgage and rent payments just like residential.
What happens when it's been 10 years since you last received a rent payment? Even if you own the building in full you're underwater from the property taxes. And there's only so long municipalities will let that slide.
So either the Fed agrees to takes a revenue hit on the back end, states reduce social benefits and upkeep or consumers are forced back into cities to continue to feed the CLO meat grinder.
I know where you're getting your info from but your just regurgitating talking points with zero original thought.
I believe REBNY is putting the pressure on all these clowns saying get back in the office.
Lol
My man. The RE industry cannot survive without the banking industry. The same doesn't hold true the other way around. Finance isn't taking marching orders from RE.
People here are having conversations about 2 different sectors of workers: low wage retail and restaurant industry workers who by nature have to be PHYSICALLY PRESENT to do their jobs. The other sector are white collar professionals who are either in IT, finance, law, marketing, engineering, etc. who do NOT have to be physically present to do their jobs. The former category is experiencing the fastest wage inflation and for good reason. The latter is seeing some wage pressure north but not enough.
For the latter category it is definitely possible to work multiple remote jobs at the same time. I was doing it earlier this year in January - February from 2 computers side by side. As long as you are not violating any non-competes or working at cross purposes against jobs then it should be fine. Some people even work across entirely different industries like accounting and desktop publishing. There is no cross over here.
Let me tell you this work from home business has been glorious (even though that is not an option for me). Twice i drove into the city, midweek. No traffic and parking galore! No crowded sidewalks and businesses. I loved it! People seemed more relaxed
“It is a treat to be home and sort of wearing your t-shirt and sweatpants” said Hyla Bauer.
Some professionals have noticed hiring managers embracing the shift towards remote work and meeting solutions, even with the pandemic recovery picking up steam
FlexJobs saw a 76% increase in fully remote jobs from 2019 to 2020 suggesting that employers plan to offer long term work from home opportunities
A company expert says job seekers have also adjusted their expectations for flexible work arrangements
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
