Happy ‘Interdependence Day’ From Commercial Observer’s Editorial Staff

A newsletter on a holiday like this calls for some play on “independence.” But the commercial real estate industry and markets on this Fourth of July feel more interdependent than anything. Holiday Special: July 4th A newsletter on a holiday like this calls for some play on “independence.” But the commercial real estate industry and markets on this Fourth of July feel more interdependent than anything. Retail [continues to rely on an office population]( that still might not be back at their desks [anywhere near full force](. ([Even lawyers are working remotely more](.) If it’s not office workers whom retailers are leaning on, [then it’s the consumers craving some sort of experience]( — [with other people!]( — after three years of pandemic isolation. Office itself continues to rely on the benevolence and savvy of an entire ecosystem of lenders and tenants lest their spaces [plunge (further) in value]( or [become just another warehouse](. Some Class A owners [find themselves making nice with occupiers]( that a few years ago they [might’ve been able to take for granted](. Speaking of lenders, it’s been at least since the Great Recession 15 years ago that [they’ve had to depend so much on deals involving distress](. (Though, to be sure, some lenders [revel in the opportunity to pursue distressed assets](.) Anyway, examples of interdependence in the marketplace abound. Formerly high-flying studio owners [need some writerly love](; New York residential developers, a normally strapping lot, [feel weakened without state incentives](; [office owners think they deserve more credit](; [Miami needs New York](; [D.C. needs the feds](; [state capitals need state government workers](; [South Florida needs some insurance companies](; [L.A. needs office tenants](; [San Francisco needs a miracle](; etc. And we all need [the planet to stick around](. Thank you for reading, CO Editorial Staff [View in Browser]( | [Advertise]( | [Forward to a Friend]( [Manage your email preferences or unsubscribe]( [Commercial Observer]( © Copyright 2023 [Observer Media]( 1 Whitehall Street, Floor 7, New York, NY 10004 This newsletter was published 07/04/2023