What doom-and-gloom forecasts miss about the office market

first_img(iStock)The short-term dive in office demand is not likely to continue far into the 2020s, according to a recent report form MetLife Investment Management.In fact, the cities where demand for office space is falling most — including San Francisco, Washington and San Jose — may attract the most demand over the next decade, presenting a “unique buying opportunity” for investors, the report says.The report identifies pandemic-related trends that have led to the drop in demand for office space. Public transit is one factor: Until sometime next year, when a coronavirus vaccine could be widely distributed, MetLife says cities with workers who rely on public transportation might downsize their office leases. In New York City, for example, mass transit ridership is down 70 percent from a year ago (even though studies have found it poses a low risk for Covid-19) and only 13 percent of workers have returned to the office.ADVERTISEMENTOffices in sprawling, car-centric cities such as Los Angeles, Miami and Dallas may fare better in the short term, and there may be greater demand for offices in suburban markets until a vaccine is widely distributed. But MetLife says the trend will likely reverse over the next decade, with firms returning to central business districts because they can tap bigger and typically more elite pools of talent.Markets with a large share of high-income workers between the ages of 35 and 54 — what MetLife calls the “middle management” cohort — may also see office demand dip in the short term. “[T]he most junior and senior employees are less likely to work remotely and are also less likely to adopt desk-sharing arrangements that could allow firms to downsize office space,” the report reads. Employees who earn north of $100,000 work remotely more than lower-paid workers, per the report.MetLife also expects office demand to fall less in cities where financial professionals make up a significant chunk of the workforce. Several major banks have announced extended work-from-home plans, and those working in finance are more readily able to work remotely than those in other white-collar professions. Yet they choose to work from home less often, according to MetLife’s research, which could help fuel healthier demand for office space.Chart Source: MetLife Investment ManagementLast month, Fitch Ratings issued a report stating that the rise of remote work and uncertainty about the future of the U.S. economy could hurt cash flow for office real estate investment trusts. In the report, Fitch projected office landlords’ operating incomes would fall over the next year before rebounding in 2022 and 2023.But news that Pfizer’s coronavirus vaccine was more than 90 percent effective injected life into some office REITs earlier this month. Empire State Realty Trust, which owns the Empire State Building, saw its stock rise more than 37 percent the day Pfizer made its vaccine announcement. Moderna and AstraZeneca have since also reported promising results from trials for their own vaccines.last_img read more

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Podcast: Baby Boomers Redefining Traditional Retirement

first_imgThe baby boomers generation, comprised of about 90 million people, are beginning to head in retirement, but where are they headed?In this week’s edition of the AZ Business Magazine’s podcasts, we’ll take a look at not only where the baby boomers will take up residence, but also how this transition into retirement looks, as well as the economical impact it can have in Arizona.Starting back on January 1, 2011, 10,000 baby boomers will reach the age 65 every day for the next 19 years.But the baby boomer generation is beginning to redefine how the public sees traditional retirement. According to a survey from the AARP, about 40 percent of baby boomers plan to continue to work until they drop.It is evident that this new approach to retirement is filled with a generation of citizens looking to live an active lifestyle, and retirement communities filled with amenities can provide exactly what baby boomers are looking for.With Arizona’s ideal weather and land to build on, new communities will being to take advantage of this new, in-demand market.But how does this help our economy?Baby boomers will begin to move to the Valley to call it home for retirement, and while doing so, they will begin to spend money, putting more into our economy; more people equals more demand for businesses and goods.But what happens when the baby boomer community is gone? Will we still need these communities that were built to meet their needs? Or will businesses and communities have to close up shop once the demand is done?This week, I spoke with Deborah Blake, vice president of marketing for Robson Resort Communities, about why the baby boomers are so interested in these active, adult living lifestyle communities and what we can expect to see here in Arizona as a result of that.Also, Joe Scarp, owner and broker of Better Homes and Gardens Real Estate Phoenician Properties, called into the podcast to shed some insight on what kind of real estate trends we can expect here in Arizona and how the baby boomers will provide an impact on the state’s economy.Hit play below to tune into this weeks podcast about the baby boomers generation, and don’t forget to leave a comment!last_img read more

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Lokomotif Legendaris “Mao Zedong” Tuntaskan Perjalanan 11 Juta Kilometer

first_imgDirangkum KabarPenumpang.com dari china.org.cn (6/8/2019), lokomotif listrik HXD3D-1893 saat ini adalah lokomotif keenam yang bernama Mao Zedong dan nomor seri 1893 cocok dengan tahun kelahiran Mao. Awalnya lokomotif ini diperuntukan untuk menarik kereta barang. Lokomotif Mao Zedong dipindahkan ke layanan kereta penumpang pada Juli 2014. Kemudian pada Mei 2016, lokomotif mulai menarik kereta Z1/2 yang bergerak antara Beijing dan Changsha yang berjarak 1.500 kilometer.Ketika telah melampaui sebelas juta kilometer dan tiba di stasiun, seluruh kru memberikan penghormatan pada lokomotif Mao Zedong tersebut. Bahkan ada pemberian pita dari pemimpin otoritas kereta Beijing kepada anggota kru lokomotif Mao Zedong di Stasiun Barat Beijing.Selain itu, para anggota kereta juga ddiberikan spanduk bertuliskan “Selamat atas Lokomotif Mao Zedong menyelesaikan jarak tempuh keselamatan yang memecahkan rekor sejauh 11 juta kilometer”. Lokomotif Mao Zedong memulai pelayanan penumpang pertamanya dari Beijing ke Fungang di Provinsi Anhui.Baca juga: Butuh 200 Tahun, Evolusi dari Lokomotif Uap Hingga Ke Diesel Listrik!Lokomotif pertama Mao Zedong yang bertenaga uap dibangun oleh Dalian Lokomotif dan Rolling Stock Co LTD pada tahun 1946, Lokomotif Mao Zedong ini telah menyelasaikan tugasnya dan beralih ke layanan penumpang dengan menempuh jarak sekitar 855 kilometer dan berhenti di 12 stasiun. Pada tonggak sejarah sebelas juta kilometer tersebut lokomotif dilengkapi dengan lambang wajah Presiden Tiongkon Mao Zedong.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Like this:Like Loading… RelatedProduksi Indonesia, Lokomotif CC203 Atau GE U20C Pernah Digunakan di Filipina dan Australia13/04/2019In “Darat”Milwaukee Road No.261, Lokomotif Jadul Ini Akan Kembali Sambangi North Dakota02/06/2017In “Darat”Indian Railway Mulai Uji Lokomotif Bertenaga Baterai Lithium Ion untuk Shunting14/09/2019In “Darat” Lokomotif Mao Zedong (China.org.cn) Siapa yang tak kenal Mao Zedong, ialah tokoh pendiri sekaligus Presiden Pertama Republik Rakyat Cina (RRC). Meski telah wafat pada 9 September 1976, nama mantan Pemimpin Partai Komunis Cina ini masih begitu lekat dalam benak warga. Sebagai bentuk penghormatan, serial lokomotif yang diberi label “Mao Zedong” sudah dihadirkan cukup lama dan kabar terbaru lokomotif tersebut telah menyelesaikan tonggak sejarah dengan melampaui sebelas juta kilometer atau setara dengan mengelilingi bumi sebanyak 275 kali.Baca juga: NIS 171 – Konsep Lokomotif Futuristik Hindia Belanda untuk Rute Semarang-YogyakartaLokomotif ini menyelesaikan sebelas juta kilometernya setelah menarik kereta Z2 yang tiba di Stasiun Barat Beijing pukul 08.16 waktu setempat pada 6 Agustus 2019 kemarin. Ini juga menetapkan rekor baru perjalanan dari kelompok kerera jarak jauh.Lokomotif Mao Zedong pertama kali beroperasi 30 Oktober 1946 silam yang mana kala itu Cina tengah dikepung perang. Dalam 73 tahun terakhir kereta api Cina mengalami ekspansi besar-besaran dimana modernisasi mencakup pada lokomotif Mao Zedong. Generasi awal lokomotif Mao Zedong adalah lokomotif jenis uap, yang kemudian seiring perkembangan zaman diganti dengan lokomotif mesin diesel dan yang terbaru mengadopsi lokomotif bertenaga listrik.last_img read more

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Brathwaite hails Windies fielding effort in opening T20 match

first_imgBASSETERRE, St Kitts (CMC) – Captain Carlos Brathwaite has hailed the West Indies fielding effort in the opening Twenty20 International against Bangladesh, contending it set the tone for the eventual seven-wicket victory under lights at Warner Park here yesterday.Opting to bowl first, West Indies restricted the tourists to 143 for nine off their allotted 20 overs. Their target was, however, revised to 91 from 11 overs, following rain during the interval. Windies then easily chased down the runs to win with 11 balls to spare.“Sometimes you just have to take a win and be satisfied. I think what was especially pleasing was the fielding effort,” Brathwaite pointed out.“Obviously on a wet outfield that could have been considered dangerous … the way the guys threw themselves around in the field. Bangladesh (were) going very well and we saved about 10-15 runs on the boundaries throwing our bodies around.“So (there’s) probably not (anything to) change or improve but just replicate that fielding performance, that energy. Along with the wickets being taken it really set the tone for a good fielding performance.”Bangladesh were never given the opportunity to get going, with the Windies bowlers striking at key points at the innings to limit the visitors’ progress.Veteran Mahmudullah top-scored with 35 and Liton Das got 24 but no other batsman passed 20 as seamer Kesrick Williams (4-28), along with off-spinner Ashley Nurse (2-6) and pacer Keemo Paul (2-24) kept the scoring at a minimum.“It was pretty ‘even stevens’. We got some early wickets which really put us just ahead but we continued to field well and keep the intensity up and the bowlers hit the mark every time they were called upon. I think it was a very professional performance with the ball,” Brathwaite explained.“Credit must go to Bangladesh for being in the position they were in but sticking it all the way out and batting all 20 overs, even getting close to a respectable total after being 40-odd for four. But our guys stuck to our guns, stuck to our plans, we were very disciplined and we executed the plans we wanted very, very well.”West Indies found themselves in early trouble in their run chase when openers Evin Lewis (2) and Andre Fletcher (7) perished in the second over with the score on 10 for two.However, man-of-the-match Andre Russell showcased his explosive hitting skills, counting three fours and three sixes in a 21-ball unbeaten 35 to revive the innings and take the Windies over the line.“As soon as we knew the target, we knew what we had to do so it was just a matter of going out there and doing it and again, it was another professional performance with the bat,” Brathwaite said.“Russell being promoted to number three and having an exceptional performance, finishing the game. We are not given a lot of credit enough times for the way we play our cricket and the professionalism we show.“It was a very professional performance from the guys. I couldn’t ask for anything more. It’s just for us to replicate it come the games in Florida.”The next two games of the three-match series will be a double-header at the Central Broward Regional Park Stadium in Fort Lauderdale at the weekend.last_img read more

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