—— Manhattan Available Office Space Hits Record; Meta Launches Twitter Rival; Shimao’s Distressed Land Auction Fails; Moderna to Produce mRNA Vaccines for China; Lamborghini’s New Car Sold Out for Years; Tishman Secures $330M Office Refi; GM and Toyota Sales Surge in Q2
1. Manhattan Available Office Space Hits Record
According to a new survey from Savills, Manhattan’s available office space reached an all-time high of 70.3 million square feet in the second quarter.
The availability rate climbed to 19.7%, the highest since the pandemic, highlighting persistent challenges in the office market.
Office leasing activity fell 12.1% year-over-year in the first half of the year, and second-quarter leasing was 25.2% below the pre-pandemic average.
Additionally, renewals and expansions accounted for 49% of all leasing activity in Q2, down from 63.1% in Q1, though still above the historical average.
The financial and legal sectors were the most active tenants.
Despite Amazon signing two major leases in Q2, the overall market remains sluggish.
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2. Meta Launches Twitter Rival
As soon as this Thursday, Meta plans to launch Threads, a new competitor to Twitter.
Users will be able to post text content for likes and shares, and Instagram users will be able to port their accounts directly into Threads.
Recent controversies over Twitter’s management and business model have driven away many users and advertisers. On Sunday, Elon Musk announced limits on how many posts users can view daily, sparking further criticism.
New Twitter CEO Linda Yaccarino has faced backlash for refusing to comment publicly.
Twitter’s unpopular changes have cost it users and advertising partners.
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3. Shimao’s Distressed Land Auction Fails
An $1.8 billion distressed asset sale by Shimao Group failed to attract a single bid during a court-ordered auction.
Despite the properties being priced 20% below valuation estimates, no buyers emerged, reflecting a deeply cautious market.
Following China’s reopening, the property market recovery has stalled, leading investors to become increasingly wary.
Last week, China’s No. 2 homebuilder Vanke said the housing market was performing worse than expected.
While some Chinese properties are attractively priced, poor liquidity has deterred investors.
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4. Moderna to Produce mRNA Vaccines for China
Today, US pharmaceutical company Moderna announced it had signed an agreement to research and produce mRNA vaccines in China, with potential investment of around $1 billion.
Under the terms, all vaccines developed will be for domestic Chinese use only and cannot be exported.
China is the world’s second-largest pharmaceutical market, and Moderna aims to help alleviate vaccine supply shortages there.
Despite current US-China tensions, Moderna is pushing into the Chinese market.
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5. Lamborghini’s New Car Sold Out for Years
In a recent interview, Lamborghini CEO Stephan Winkelmann revealed that the brand’s first hybrid supercar, the Revuelto, is already sold out through 2025.
Set to replace the Aventador, the Revuelto will begin deliveries later this year, and all other Lamborghini models now have two-year order backlogs.
The Revuelto offers 1,015 horsepower with a V-12 engine and a 6-mile electric-only range.
Hybrid technology for Lamborghini is aimed at maximizing power and performance rather than extending driving range.
All Lamborghini models will feature hybrid systems by late 2025, but a full EV won’t arrive until at least 2028.
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6. Tishman Secures $330M Office Refi
According to a statement from Tishman Speyer and Silverstein Properties, the two firms secured a $330 million refinancing led by Bank of America for their Bryant Park area office tower, with mezzanine financing from Taconic Capital.
The five-year, fixed-rate loan replaces existing debt, and the Class A building is already 99% leased.
Over the past two years, the property signed 321,000 square feet in new and expansion leases.
The building is located near Midtown Manhattan’s Bryant Park.
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7. GM and Toyota Sales Surge in Q2
In the second quarter, General Motors and Toyota both reported strong sales results as semiconductor supply chains stabilized and the auto market improved.
GM’s revenue rose nearly 19%, fueled by strong demand for the Chevrolet Suburban, and the company sold a total of 692,000 vehicles, exceeding analyst expectations.
Toyota said US sales rose 7.1% in Q2, double the pace of the previous month. Popular models included the Camry sedan and the RAV4 SUV.
In June alone, Toyota sold 195,488 vehicles in the US, a 15% year-over-year increase, led by RAV4 sales.
More affordable car models have become particularly popular as vehicle prices drop compared to the past two years.
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This content is sourced from Financial Times, Bloomberg, and The Real Deal, among other financial news outlets.