Build Back Better: US Now Has 1 Billion Square Feet of Empty Office Space

[Weatherman2020]

Great job, Joe!
Plus all those sq ft used to have employees working in them.
But what recession!

Visualizing 1 Billion Square Feet of Empty Office Space

Empty office space is hitting record highs in 2023. We show almost 1 billion square feet of unused space stacked as a single office tower.

www.visualcapitalist.com

 

[JGalt]

Great job, Joe!
Plus all those sq ft used to have employees working in them.
But what recession!

Visualizing 1 Billion Square Feet of Empty Office Space

Empty office space is hitting record highs in 2023. We show almost 1 billion square feet of unused space stacked as a single office tower.

www.visualcapitalist.com

That's understandable, seeing how there were 2,973 total commercial chapter 11 bankruptcies filed during the first six months of 2023, representing a 68 percent increase over the 1,766 filed during the same period in 2022.

The Debt Time Bomb is Ticking: Rising Delinquencies, Soaring Bankruptcies, and the Looming Detonation of Student Loans

 

[Orangecat]

 

[jackflash]

Great job, Joe!
Plus all those sq ft used to have employees working in them.
But what recession!

Visualizing 1 Billion Square Feet of Empty Office Space

Empty office space is hitting record highs in 2023. We show almost 1 billion square feet of unused space stacked as a single office tower.

www.visualcapitalist.com

W2020 don't worry as the unoccupied office space can be requisitioned @ taxpayers expense by HUD & then those office spaces can be OCCUPIED by the homeless!

Statist left ideology, don't leave sanity without it!

 

[mamooth]

My. Someone's upset about how stellar Biden's economy is.

And we can see why. With a good ecomony, Biden is unbeatable by any Republican.

 

[Jarlaxle]

My. Someone's upset about how stellar Biden's economy is.

And we can see why. With a good ecomony, Biden is unbeatable by any Republican.

You do not believe that. It's physically impossible.

 

[mamooth]

You do not believe that. It's physically impossible.

You're denying the near-record low unemployment and strong growth rate?

I get that your fascist cult likes to keep you stupid, but come on.

 

[Foxfyre]

Great job, Joe!
Plus all those sq ft used to have employees working in them.
But what recession!

Visualizing 1 Billion Square Feet of Empty Office Space

Empty office space is hitting record highs in 2023. We show almost 1 billion square feet of unused space stacked as a single office tower.

www.visualcapitalist.com

I know three federal employees, not in DC, who were allowed to work at home during the worst of COVID. And when most people went back to work, these people were used to staying home and have continued to do so while their offices are unused. They teleconference to communicate with others in their division or whatever and say they are just as productive. Meanwhile the government continues to pay rent on the unused office spaces. I also notice that at least two of these people seem to spend an awful lot of time on Twitter, Facebook, game sites or whatever.

 

[Weatherman2020]

You're denying the near-record low unemployment and strong growth rate?

I get that your fascist cult likes to keep you stupid, but come on.

The record number not looking for work and aren’t counted?
Or do you think those Burger King jobs are good for America?

 

[g5000]

Great job, Joe!
Plus all those sq ft used to have employees working in them.
But what recession!

Visualizing 1 Billion Square Feet of Empty Office Space

Empty office space is hitting record highs in 2023. We show almost 1 billion square feet of unused space stacked as a single office tower.

www.visualcapitalist.com

Yes, there has been a commercial real estate bubble for the past decade. I guess you didn't notice.

There has also been a massive buildup of commercial debt.

I talked about this years ago.

All part of the Fed's ZIRP policy and its inevitable consequences.

But you go ahead and blame Biden, idiot. It's what you tards do.

 

[JGalt]

You're denying the near-record low unemployment and strong growth rate?

I get that your fascist cult likes to keep you stupid, but come on.

Oh lookie! Another stupid lemming goes off the cliff!

 

[JackOfNoTrades]

Great job, Joe!
Plus all those sq ft used to have employees working in them.
But what recession!

Visualizing 1 Billion Square Feet of Empty Office Space

Empty office space is hitting record highs in 2023. We show almost 1 billion square feet of unused space stacked as a single office tower.

www.visualcapitalist.com

And?? What were you expecting after a worldwide pandemic and the majority of white collar workers working from home?
That is called market forces. No one asked those companies to lease that commercial space.

 

[Foxfyre]

Great job, Joe!
Plus all those sq ft used to have employees working in them.
But what recession!

Visualizing 1 Billion Square Feet of Empty Office Space

Empty office space is hitting record highs in 2023. We show almost 1 billion square feet of unused space stacked as a single office tower.

www.visualcapitalist.com

In 2020 The Harvard Business Review reported that the federal government alone had 45,000 empty or underutilized office buildings.

I haven't found any recent data on it, but several years ago congressional watchdogs reported hundreds of federal warehouses full of unused office furniture, equipment, supplies. New bureaucrats or members of Congress coming in get a hefty allowance to redecorate their offices and that often includes new furniture etc. The outgoing congress persons's stuff--usually in near new condition--is taken to a warehouse somewhere.

I'm not blaming Democrats as I think both political parties have equally contributed to this issue. But I sure wish they would figure some way to avoid wasting the tax payers money like that.

 

[g5000]

U.S. companies face record $10.5 trillion in debt—Here’s what to know about the corporate bond ‘bubble’​

​

That was March 2021. So that must be Biden's fault. He was in office for two whole months, after all.

Trump Has a Half Billion in Loans Coming Due. They May Be His Biggest Conflict of Interest Yet.​

​

No reputable banks wanted anything to do with Trump when it came time to refinance. In fact, not even the criminal money laundering Deutsche Bank wanted to touch him.

Trump had to go with an online bank called Axios.

 

[g5000]

Donald Trump's Chicago property tax was slashed by 30% because retail space in the city's Trump Tower was mostly empty, a report says​

​

I blame Biden.

 

[g5000]

Cadre Halted Buy of Jared Kushner’s Stake

Jared Kushner’s sale of a stake in Cadre, a startup he co-founded, was stalled because of the coronavirus pandemic.

therealdeal.com

Operating income at three Trump buildings with public financials — 725 Fifth Avenue, 40 Wall Street and 1290 Sixth Avenue — declined by $16.3 million in 2019, according to Bloomberg.

I blame Biden.

 

[g5000]

2016: Trump's Chicago real estate flop

About 70,000 square feet of space on the terrace and riverwalk levels has never been rented since the building opened in 2008. That means Trump’s organization each year leaves potentially millions of rent dollars on the table, as the vacant space generates no revenue.



I blame Biden.

 

[Leo123]

And?? What were you expecting after a worldwide pandemic and the majority of white collar workers working from home?
That is called market forces. No one asked those companies to lease that commercial space.

The Democrat fake pandemic for a yearly flu does not represent 'market forces'...lemming.

 

[WinterBorn]

It is part of the shift in how we work. Things changed during the pandemic. People worked from home and were productive. A lot of people still do.

 

[JackOfNoTrades]

The Democrat fake pandemic for a yearly flu does not represent 'market forces'...lemming.

Market forces, turd blossom.
Deal with it.