Saudi Arabia's Prince Alwaleed bin Talal is a rich investor who holds stock in many of the world's largest companies, including Citigroup and News Corp. He's just announced his next investment: the world's largest tower.
National office vacancy rates are likely to top 18% in 2010, reaching their highest levels in decades and forcing landlords to negotiate more concessions with tenants, according to a new study by Grubb & Ellis.
New York's office vacancy rate started to climb dramatically after Lehman Brothers collapsed in September 2008 and has not yet recovered. New York's loss puts Washington, DC, on track to overtake New York as the most expensive place to rent office space in the U.S. That's thanks to the government expansion and the increase in the need for rental space in the nation's capital for firms that do business with government, including lobbyists, corporations and contractors.
