Politics Vacant New York office space reaches highest level since 1994
Yuri Gagarin became the first man in space 60 years ago
Author Stephen Walker discusses his biography on Yuri Gagarin with The World's host Marco Werman.Cosmonaut Yuri Gagarin of the Soviet Union is seen, date and location unknown.
The office vacancy rate in Manhattan has hit its highest level since 1994 and will likely hit "unprecedented levels" in the near future, a report from a global real estate firm has found.
the global real estate service firm Cushman & Wakefield found that the office vacancy rate in Manhattan reached 16.3 percent in the first quarter of 2021, up from 11.3 percent a year ago.
The company said it expects the rate to continue to rise to "unprecedented levels in the coming months" and drive down asking rents "substantially."
Investigations may lead Congress to overturn Trump-ordered Space Command move
When former President Donald Trump awarded the permanent basing of U.S. Space Command headquarters to Alabama, where he had some of his highest approval ratings, in his final week in office, he yanked the command from front-runner Colorado Springs. In so doing, he triggered a pair of government investigations that lawmakers say could ultimately doom Trump's decision.Where Spacecom is based has wide-ranging implications, from U.S. efforts to confront adversaries’ hostile actions in outer space to billions of dollars in unneeded investments of taxpayer funds. Trump overruled the Air Force secretary’s advice by choosing Alabama on Jan. 13, just seven days before he left office.
CNN notes that Manhattan's overall asking price for rent has decreased for the past two consecutive quarters. However, one expert told CNN that the drop in price may not be entirely attributable to a drop in demand.
"Landlords have adjusted their expectations and are already being much more aggressive than they were before COVID," Michael Cohen, regional president of the real estate company Colliers International, told CNN. "But their specific reactions depend on their individual circumstances. For example, developers of newer office buildings are more likely wait to make deals if they don't want to lower their rents further."
In December it was reported that the amount of available office space in Manhattan had reached the . At the time, only 790,000 square feet of office space was being leased in Manhattan, indicating an 80 percent decrease from December of 2019.
"Landlords across the city, but particularly in Manhattan, have to be willing to face some really hard hits if they want to fill their units," Nancy Wu, StreetEasy economist, said at the time. "They're being forced to cut the location premium out of their asking price in order to compete with larger and more affordable apartments in the outer boroughs."
'Without fear or favor': Daniel Cameron discusses his role as Kentucky's attorney general .
FRANKFORT, Kentucky — Like most people, Daniel Cameron has had a challenging year. That's not just because of the personal and professional effects the coronavirus has had on his life, but also because of how the color of his skin and his political affiliation have placed him in the center of the defining issues of modern governing. © Provided by Washington Examiner The Kentucky attorney general, the first Republican elected to the office since 1944 and the first black American elected statewide in his own right, was sworn into office just weeks before the pandemic hit his state and the rest of the nation.