CoStar Group has identified a new source of vacant U.S. office space: newspapers.
The commercial real estate information service notes that with all the job cuts and downsizing in the newspaper business, there’s apparently a lot of space in newspaper facilities that may go wanting this year and next - property they may go on an already ailing commercial real estate market. Here’s CoStar’s take:
CoStar Group currently has confirmed the occupancy status of 831 newspapers across the country. As a group, they occupy 36.9 million square feet. Newspapers own about 8.1 million square feet of that space.
Of the total confirmed occupied space, about 19.2 million square feet is identified as leased space. Of the leased space, about 2.5 million square feet expires this year and another 5 million square feet expires next year.
[ On housing: PRICING | INVENTORY | RENTS | FED | RATES ]
Related office space news…
- Sublet glut hits office rents
- Tenant shortage plagues 25% of O.C.’s office towers
- O.C. has 11th worst office market
- Brit pays $12.8 million — cash — for Seal Beach strip mall
- Office construction plummets 91%
- Stocking up on self storage
- Poll finds Wall Street’s real estate fears ease a bit
- Which niche will be real estate’s star?
- Not all real estate is dead
Huh? What is this article about and what is it trying to say?
So does the Register own their building on Grand Ave?
YOUR BLOGGER: Yes.