Difference between revisions of "How does the crisis impact living and business activities in city centers? cole"
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The economic crisis has been catastrophic to many cities. Rising unemploymenet has lead to social unrest, increase demand on welfare systems, and a decrease in the demand for real esate both commercial and residential | The economic crisis has been catastrophic to many cities. Rising unemploymenet has lead to social unrest, increase demand on welfare systems, and a decrease in the demand for real esate both commercial and residential. | ||
'''Impact of the recession on city office occupancy'''<br> | |||
Due to the higher cost of operating in city centers, companies chose to settle their office outside the city. | |||
will | |||
In North America, office vacancies beat record. PhillyDeals reports that the office vacancy rate in Philadelphia Center City has risen dramatically in the past few years, according to reports from two commercial real estate firms. According to the firm Studley Inc.: "Center City office vacancy rate has topped 15 percent, the worst since 2004, according to data collected by Studley Inc., the national tenant-rep firm." And the firm CB Richard Ellis Group Inc. "estimates the Center City vacancy rate at about 14 percent, the highest since 2005. (entire article in http://philly.brownstoner.com/2010/08/center_city_office_vacancy_rat.php) | |||
Overall the U.S. office vacancy rate rose to 17.2 percent, a level unseen since 1994, as the market lost about 11.6 million net square feet of occupied space during the first quarter, according to the report released on Monday Apr 5, 2010, by Reis Inc (Reuters). | |||
Same pattern is seen in Europe : the office property market in London was ravaged by the global financial crisis in 2008, as more than one-in-ten premises were left vacant and rental rates fell 19% in 2009. Vacancy rates rose from 9.6% at the end of September 2008 to 11% by the end of December 2008. | |||
According to | |||
== Sources == | |||
http://www.propertywire.com/news/europe/london-office-vacancy-rise-200901122386.html | |||
http://philly.brownstoner.com/2010/08/center_city_office_vacancy_rat.php | |||
http://www.bloomberg.com/news/2010-07-07/taipei-s-prime-office-vacancies-rate-will-continue-rising-jones-lang-says.html | |||
http://holland-real-estate.com/system/main.php?pageid=2616&articleid=14480 | |||
[[http://scenariothinking.org/wiki/index.php/Future_of_the_City_Centre_2025]] | [[http://scenariothinking.org/wiki/index.php/Future_of_the_City_Centre_2025]] | ||