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πŸ”¨ Collapse of San Jose Office Spaces!
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πŸ”¨ Collapse of San Jose Office Spaces!

San Jose's office bubble bursts β€” here's why.

May 10, 2024
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πŸ”¨ Collapse of San Jose Office Spaces!
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In San Jose, the once bustling office buildings are now stumbling into default, signaling a significant downturn in the local real estate market.

This area, renowned for its tech-driven growth, now showcases a landscape dotted with 'For Lease' signs where thriving businesses once stood.

As their office bubble seems to have burst, it creates a unique opportunity for distressed asset investors to find good deals in this struggling market.


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Texas is also witnessing a sharp increase in foreclosures among commercial with over $300 million in loans are now under threat

North Texas, in particular, has become a hotspot for these distressed properties, which would be a great opportunity for investors trying tap into commercial real estate at significantly reduced prices.

In this edition of the AltReports:

πŸ§ͺ Tech Tumble

πŸ’² Financial Fallout

πŸ₯Š Bankruptcy Brawl

πŸ™οΈ Manhattan Milestone

πŸ”‘ Strategic Spending

Video of the Week: The Biggest Mortgage Crash In American History

Chart of the Week: CRED iQ’s Distress Rate Sets a New Record, Led by Multifamily

Podcast of the Week: Prices β€œSoften" as Affordability Crisis Hits Breaking Point


San Jose office buildings flop into default in weak real estate market

San Jose's office space scene has turned into a ghost town, where tech dreams seem to be gathering more dust than dollars.Β 

Gone are the heady days of sky-high valuations and sprawling campuses; instead, 'For Lease' signs are the new normal, smirking at passersby.Β 

Economists chatter about market corrections and cyclical trends, but to the average person, it's just a big old bubble burst.

Foreclosures on Commercial Properties Jump in Texas

Foreclosure filings for commercial properties in Texas have surged, with lenders moving to foreclose on more than $300 million in loans.Β 

The increase is huge in comparison with residential foreclosures, which remain low thanks to federal pandemic relief measures.

Notably, North Texas has a significant concentration of distressed properties.

Fortress Launches $548M Foreclosure Against Cohen Brothers

Fortress Investment Group has apparently had enough of playing nice with the Cohen Brothers Realty.Β 

They're rolling out the big guns and slapping aΒ  $548 million foreclosure action on the developer's shiny Madison Avenue office tower.Β 

It looks like Charles Cohen's kingdom might be a bit less bling-bling if Fortress has its way.

Manhattan Apartment Rents Just Hit The Highest April On Record

The average rent for a Manhattan apartment increased by 1.7% from March and 25% from the previous year, setting a new record for April.Β 

High demand and low vacancy rates, at just 1.32% have been blamed for the sharp rise.Β 

New lease signings fell for the eleventh month in a row, by 17.1%, and concessions from landlords are scarce.

Brookfield Asset Management Ready To Deploy $106B With An Eye On Real Estate

Brookfield Asset Management has announced plans to deploy $106 billion in capital.Β 

This capital is aimed at taking advantage of down markets to buy high-quality assets that are temporarily undervalued.Β 

Brookfield has been performing well, with a net income of more than $3.8 billion in Q4

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