NEW ISSUE ALERT: Banking Crisis Coming: The Office Building Bust
As Trends Journal subscribers know, we warned that when the COVID War began in 2020 and people were prohibited to commute to the office, the new work-at-home trend would cause an office building bust
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Welcome to this week’s Trends Journal: "BANKING CRISIS COMING... THE OFFICE BUILDING BUST"
The closing of the first quarter has revealed nearly a billion square feet of vacant office space across the U.S.
The threat looms that up to 10 office towers could fall into default each month, as landlords grapple with untenable mortgage payments, notes Trepp, the data analysis firm.
And as we have been reporting, this trend is global.
Did this catch you off guard?
It shouldn't.
As Trends Journal subscribers know, we warned that when the COVID War began in 2020 and people were prohibited to commute to the office, the new work-at-home trend would cause an office building bust.
After our forecast was ignored by the business media for some three years, we made Office Building Bust one of our Top Trends for 2023 because this was the year they would begin to wake up to reality.
Indeed, the COVID-19 work-at-home trend has changed corporate America for good. And now many landlords face weak demand and – those with adjustable-rate mortgages – are confronted with higher interest rates.
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The ripple effect of this will trigger detrimental consequences for major cities and instigate a consolidation in the real-estate industry, as we have forecast since 2020.
This week's Trends Journal continues to go into great detail about how this real-estate bust will create the Banking Crisis 2.0.
On the Ukraine War Front
The Ukraine War continues to escalate unabated, without peace talks or negotiations. The worse Ukraine does in its counteroffensive, the bolder the West gets. France has declared its intent to supply Kyiv with long-range SCALP missiles, capable of reaching deep within Russia. Furthermore, President Joe Biden has mobilized 3,000 troops, likely Europe-bound.
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Gerald Celente and The Trends Journal Team