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October 8, 2021

WeWork Done Cutting Locations, Projects $1.5B Loss In 2021

[In-Person] Nuveen & Island Capital discuss the evolution of the financial deal playbook heading into 2022 Oct. 5

WeWork has been systematically culling its portfolio for the better part of a year, exiting and adjusting leases around the world, but the company said that process is now mostly finished.

WeWork Done Cutting Locations, Projects $1.5B Loss In 2021

The flexible office firm reported growing revenue for the third quarter and renewed losses as part of a financial performance update ahead of becoming a public company later this month. Since the start of 2020, WeWork has exited 150 leases and undertaken 350 lease amendments, it reported, as it tries…

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New York City Office Values Take $29B Hit Comptroller Finds

New York City Office Values Take $29B Hit Comptroller Finds

The coronavirus pandemic has taken a severe toll on the office capital of the world.New York City’s total office real estate stock dropped 17% in value this year, according to a state report released this week. Tax appraisals of the city’s office buildings for 2022 put the worth of this sector…

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Developers' Next Big Challenge: Finding A Way To Measure Social Impact Of Buildings

Developers' Next Big Challenge: Finding A Way To Measure Social Impact Of Buildings  

A focus on incorporating Environmental, Social and Governance best practices, or ESG, into development has sharpened in recent years. But tracking the social element, calculating output and returns, is complex — and becoming more crucial as investor interest and funding grows. 

“We don't have good measures for ‘S’ right now. You know, for E, we talk about carbon, and that's like a unit and people understand, but for S, what is it?” Head of Sidewalk Urban Development Alison Novak said at Bisnow’s Sustainable Development and ESG Investing event in New York…

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Frenzied Pace Of Lab Construction Has No End In Sight

Frenzied Pace Of Lab Construction Has No End In Sight  

Much like developers rushing to find new space for labs, the firms specializing in the construction of life sciences lab and manufacturing space are a small, specialized group that has seen its workload and revenues skyrocket over the past year.

“Is this pace sustainable? I don’t know the answer to that,” Suffolk Construction Vice President of Life Sciences William Sayles said. “I’ve been at this for 25 years, and never seen it as heavy as it is now.”

Sayles says his firm’s life sciences workload has doubled since 2019, and he expects to be extremely busy for at least three to five more years. Sayles and executives from four other major firms with life sciences construction specialization said in interviews with Bisnow that today’s extremely fast pace is new, not set to slow down anytime soon, and won’t even solve the lab space supply crunch.

Leaders of these firms are seeing record or near-record demand for lab, and especially manufacturing space, which has benefited from the Covid-19 vaccine push, a national reshoring effort, and new demand driven by advances in cell and gene therapy. Seattle-based BNBuilders has seen its manufacturing workload double in the…

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Still In Recovery Mode, Boutique Hotels Could Grab An Outsized Share Of Corporate Travel When It Returns

Still In Recovery Mode, Boutique Hotels Could Grab An Outsized Share Of Corporate Travel When It Returns  

Corporate travel remains rare, but the hospitality industry started coming back to life over the summer as tourism reignited in many areas, and boutique hotel operators say they have an advantage over their larger, corporate-branded competitors when it resumes.

Travelers who spent more than a year cooped up at home are on the lookout for unique properties, ones that can showcase a particular location, or provide better service and amenities.

“Branded hotels can be more cookie-cutter, but the boutique hotel promises a different experience, something more attractive for that weekend trip,” First Hospitality Chief Operating Officer Paul Hitselberger said.

Rosemont, Illinois-based First Hospitality manages and has developed a number of boutique hotels in the U.S., including Ambassador West in Chicago, The Drake Oak Brook in west suburban Oak Brook and Hotel LeVeque in downtown Columbus, among others. Boutique hotels typically have 100 rooms or…

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