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Cubicles For Sale, Cheap
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One of the tallest buildings in America, the U.S. Bank Tower in downtown Los Angeles, has been sold at a steep discount, 35% less than a recent valuation, and it's because of what I've talked about at length recently, the perception that commercial real estate -- office and retail -- is doomed because the pandemic proved telecommuting works and people aren't going to be congregating in offices and stores anytime soon. Rental volume is the same and rents haven't gone down much if at all, but payments are slow, and the betting is that the office rental market is going to be hurting in the future. Keep an eye on this. (Los Angeles Times)
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