Two years ago, with the office real estate market in Austin stuck at a 20 percent vacancy rate, Brad Stein took the first of two trips to other markets to see if some of the hundreds of thousands of empty spaces in downtown Austin and areas beyond could be converted into badly needed housing stock. What Stein saw in a 2022 visit...
I wonder what the economics break down to. A lot of commercial loans are 5 year with a 20 year amortization for payments with the intent at 5 years to refinance.
So if you took out a loan 5 years ago you had high occupancy and low rates. I imagine a lot of investors are just going to hand it over to the bank and call it a loss.
The banks will want to get rid of it quick so they might find new investors who get a great deal on the real estate and have the ability to convert to residential. Still requires a big investment and a lot of risk.
Positive and Good News Only Instance
Does anyone know of any instances on Lemmy or Mastadon that focus only on positive news?...
With Austin office buildings 20 percent vacant, conversion to housing remains out of reach (www.austinmonitor.com)
Two years ago, with the office real estate market in Austin stuck at a 20 percent vacancy rate, Brad Stein took the first of two trips to other markets to see if some of the hundreds of thousands of empty spaces in downtown Austin and areas beyond could be converted into badly needed housing stock. What Stein saw in a 2022 visit...
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