Peter Grant

2 weeks ago | wsj.com | Peter Grant

April 28, 2025 9:00 pm ETBrandon Shorenstein became one of the biggest owners of office buildings under the worst circumstances imaginable. He was thrust into the top job of his family’s real-estate company at the age of 34, just as Covid-19 was sending the U.S. office market into its biggest tailspin since World War II. His father’s death from cancer forced him to find his place among the older, more battle-hardened leadership of  Shorenstein Properties, the company his grandfather founded.

1 month ago | wsj.com | Peter Grant

Leasing by businesses hit a recent high in the first quarter, but economic uncertainty is prompting a pause in some dealmakingEvery American business is feeling the heat from a trade war and recession fears. For the fragile office-market recovery, it is an especially troublesome time. After signs of momentum started building late last year, businesses leased more office space during the first three months of 2025 than in any quarter since 2019.

1 month ago | wsj.com | Peter Grant

Dwindling foreign trade would bring lower occupancy rates, reduced property values and less new development around port cities. Los Angeles, Houston, Savannah, Ga., New Jersey and other coastal regions are expected to be among the places hardest hit. Repercussions from a slump in the logistics business would likely ripple through local economies.

1 month ago | wsj.com | Peter Grant

The Trump administration is preparing to sell eight federal office buildings, shrinking considerably a previous effort to offload hundreds of buildings after it faced widespread criticism. The General Services Administration said it is accepting nonbinding bids on the eight federal office buildings with a combined 2 million square feet. The buildings are in Chicago, Atlanta, Kansas City, Houston and four other cities.

1 month ago | wsj.com | Peter Grant

Park Avenue remains a highly sought-after office market despite the changing work habits and office downturn, with vacancy rates at their lowest since 2018. Financial firms value Park Avenue addresses for their prestige and proximity to peers, leading to high rents and limited availability. Park Avenue's popularity has been boosted by the extension of Long Island Rail Road service and the city's rezoning efforts, attracting new development and tenants.