Wells Fargo will sell its headquarters office at 420 Montgomery St. in San Francisco’s Financial District. The sale would cement a yearslong shift by Wells Fargo away from San Francisco, with its senior leadership now largely based in New York or Charlotte, N.C.
The 71 million square feet of conversions that are planned or under way only account for 1.7% of U.S. office inventory.
Americans bought $300 billion in retail goods online last quarter, with e-commerce accounting for 16.2% of all retail sales. That proportion is nearly back to peak levels in 2020, when many stores were closed.
Some 672,000 new apartment units will have been completed by the end of this year, but only about half that number is expected in 2025, and even fewer in 2026.
The vacancy rate of apartment units stopped rising for the first time in three years last quarter, as demand for apartments rose to its highest levels since 2021.
The national commercial foreclosure market peaked in May, at 752 total foreclosures that month. Prior to 2020, the peak in commercial foreclosures by month in the past decade was in October 2014, with 889.
In September, the delinquency rate of office loans converted into securities increased to 8.36%, the highest rate since November 2013.
KKR and Energy Capital Partners have agreed to invest a combined $50 billion in data-center and power-generation projects to support the development of artificial intelligence.
The vacancy rate is stabilizing at a near record level of 13.8%, up from 9.4% in the fourth quarter in 2019. Since the second quarter of 2020, U.S. office tenants have vacated close to 209 million square feet of space, the highest amount ever for a four-and-half-year period.
