Commercial Real Estate Collapse Underway As Prices Plummet, 56% Millennials Moving Home With Parents (Video)
Commercial Real Estate Collapse Underway As Prices Plummet, 56% Millennials Moving Home With Parents Video by Silver Report
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Real estate prices are in free fall, commercial real estate has been crushed yet everyone pretends like everything is fine. NYC has been the hardest hit but many other major cities are right on their heals in this recession. Business is so desperate the Hilton Times Square just announced they would be closing their time’s square hotel and letting go of hundreds of employees. Times square is/was very valuable real-estate and one of the busiest tourist destinations in the world. That’s actually the bad news because tourism has totally collapsed and it is leaving many businesses to make the tough decisions and the result is more mass layoffs. Commercial real estate is falling apart across the country as businesses file for chapter 11 and liquidate their stores or they lay vacant.
Commercial real estate transactions and sales are dropping fast in the cities and NYC prices are dropping like a stone as the average price for apartment buildings (w/elevator access) collapsed 53% last month and there were only 6 transactions in the hotel segment for the entire month and the trend is likely to get worse. According to a new report from Pew Research, Millenials are moving home and there are now a record number of young adults living with their parents. Yes, even the great depression 1 where multi-generational households began to take hold well the greatest depression is no different as we see it has already pushed through to new records for young adults living at home. This may be a major factor in the rental collapse and overall commercial real estate collapse.