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The government on Tuesday announced a series of measures for development of Andhra Pradesh, including arranging <keyword id="20006597" type="General" weightage="20" keywordseo="Rs-15000-crore" source="keywords">Rs 15,000 crore</keyword> this fiscal and in future years for development of the <keyword id="19948211" type="General" weightage="20" keywordseo="Capital-city" source="keywords">capital city</keyword> of the state. Presenting <keyword id="20387181" type="General" weightage="20" keywordseo="Union-Budget-2024-25" source="keywords">Union Budget 2024-25</keyword>, Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> said the government will also facilitate special financial support for development of the capital city. Besides, the Centre allocated over Rs 3 lakh crore for schemes benefiting women and girls and stated that it is fully committed for completion and financing of <keyword id="22237410" type="General" weightage="20" keywordseo="Polavaram-irrigation-project" source="keywords">Polavaram irrigation project</keyword>. The minister also announced backward region grant for three districts of the state. The <keyword id="19910625" type="General" weightage="20" keywordseo="Telugu-Desam-Party" source="keywords" meta.keywordsubtype="org" meta.entityname="Telugu Desam Party" meta.hostid="83" meta.entityid="Telugu Desam Party">Telugu Desam Party</keyword> (TDP) is a key ally of the BJP in the Centre. Political parties from Andhra Pradesh have protested time and again since 2014 demanding special category status for the state. Special category status is a classification of regions or states by the central government to provide special assistance in the form of tax benefits and financial support for development of the region. SEE ALSO:<a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank">Union Budget 2024 Live Updates: Finance Minister Nirmala Sitharaman to present her record seventh consecutive Budget today</a><a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank">Union Budget 2024-25: How will this budget impact you?</a><a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/heres-a-quick-overview-of-pm-modi-3-0-governments-first-budget-to-be-presented-by-fm-nirmala-sitharaman-today/articleshow/111944393.cms" target="_blank">Here's a quick overview of PM Modi 3.0 government's first budget, to be presented by FM Nirmala Sitharaman today</a>

Centre to arrange ₹15,000 crore for development of capital city of Andhra Pradesh

The government on Tuesday proposed a <keyword id="20789519" type="General" weightage="20" keywordseo="transit-oriented-development" source="keywords">transit-oriented development</keyword> plan for 14 large cities with a population of over 30 lakh in its budget for 2024-25 and said it will formulate a framework for the creative redevelopment of cities. Presenting the Budget in the Lok Sabha, Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> underscored that the Union government will work with states to facilitate the development of cities as "growth hubs". "This will be achieved through economic and transit planning, and orderly development of peri-urban areas utilising <keyword id="22517779" type="General" weightage="20" keywordseo="town-planning-schemes" source="keywords">town planning schemes</keyword>", the minister said. "Transit-oriented development plans for 14 large cities with a population above 30 lakh will be formulated, along with an implementation and financing strategy," Sitharaman said in her budget speech. The minister also announced Central assistance of Rs 2.2 lakh crore for <keyword id="20957520" type="General" weightage="20" keywordseo="urban-housing" source="keywords">urban housing</keyword> over the next five years as well as an <keyword id="22517780" type="General" weightage="20" keywordseo="interest-subsidy-scheme" source="keywords">interest subsidy scheme</keyword> to facilitate loans at affordable rates for urban housing works. She said the Central government will put in place measures for an efficient and transparent <keyword id="20071228" type="General" weightage="20" keywordseo="rental-housing" source="keywords">rental housing</keyword> market with enhanced availability. The minister proposed a scheme to support the development of 100 weekly haats or street food hubs in select cities. Sitharaman added that rental housing with dormitory type accommodation for industrial workers will be facilitated in PPP (public-private partnership) mode with VGF (viability gap funding) support and commitment from anchor industries." Enabling policies and regulations for efficient and transparent rental housing markets with enhanced availability will also be put in place, she said. About <keyword id="19939560" type="General" weightage="20" keywordseo="water-supply" source="keywords">water supply</keyword> and <keyword id="20082835" type="General" weightage="20" keywordseo="sanitation" source="keywords">sanitation</keyword>, the minister announced that the Centre in partnership with state governments and multilateral development banks will promote water supply, sewage treatment and <keyword id="19973309" type="General" weightage="20" keywordseo="solid-waste-management" source="keywords">solid waste management</keyword> projects and services for 100 large cities through bankable projects. According to her, these projects will also envisage use of treated water for irrigation and filling up of tanks in nearby areas. The minister stressed that the Central government will encourage states, which continue to charge high stamp duty, to moderate the rates for all, and also consider further lowering duties for properties purchased by women. This reform will be made an essential component of urban development schemes, she added.

Budget 2024-25: Govt announces transit-oriented development plan for large cities

<ul class="summary-list"><li>The UN Security Council met on Monday to press North Korea on nuclear non-proliferation.</li><li>Pyongyang had days earlier launched a new ICBM, which recorded North Korea's longest launch trajectory.</li></ul>Pyongyang went loud and proud on Monday about its plans for nuclear weapons as the United Nations grilled its representative over a recent missile launch."We will accelerate and will not let up on the build-up of our nuclear force that can counter any threat presented by hostile nuclear weapons states," said Kim Song, the North Korean ambassador to the UN, <a target="_blank" class="" href="https://www.youtube.com/watch?v=tbH_GEkkaw4">at a Security Council meeting.</a>"There will ever never be any change in this line," he added, referring to North Korea as a "responsible nuclear weapon state."Kim's statement comes as Japan reported that North Korea fired at least <a target="_blank" class="" href="https://www.reuters.com/world/asia-pacific/north-korea-fires-missile-south-korea-military-says-2024-11-04/">seven short-range ballistic missiles</a> from its east coast that ultimately fell into Japan-administrated waters.Launched on the eve of the US election, the missiles were characterized by Pyongyang as a response to recent joint military drills between the US, South Korea, and Japan involving their long-range bombers.Those joint drills were a signal to North Korea after its Thursday launch of what it said was a new solid-fuel intercontinental ballistic missile dubbed the <a target="_blank" class="" href="https://www.businessinsider.com/north-korea-new-icbm-missile-test-how-effective-2024-11">Hwasong-19</a>, which also landed in the Sea of Japan.Its trajectory was recorded as Pyongyang's longest-ever ballistic missile test, reaching an altitude of about 4,780 miles, though <a target="_blank" class="" href="https://www.businessinsider.com/russia-responsible-for-new-north-korea-icbm-weapon-experts-say-2023-8">previous tests</a> have extended further in latitudinal distance.The US, Japan, and South Korea have condemned the launch.In his comments to the UN, Kim said the Hwasong-19 had "no slightest negative impact on the security of the neighboring countries."The UN Security Council had met on Monday to discuss the Hwasong-19 launch and to press North Korea on nuclear non-proliferation, but Kim instead blasted the meeting as "unlawful.""Today, the nuclear threat of the United States against the DPRK has already reached a critical point in terms of its scale and dangerous level," he said.<h2 id="0a21b4c2-3483-489e-b89e-c50366c67c1b">The US says North Korea 'emboldened' by Russia and China</h2>The US, in turn, accused Russia and China of protecting North Korea."Shielded from closer scrutiny of its sanctions-violating activities by Moscow and Beijing, Pyongyang, unsurprisingly, has been emboldened to continue advancing its unlawful ballistic missile and nuclear WMD programs," said Robert Wood, the deputy US ambassador to the UN.North Korean ties with Russia have more recently come under the spotlight as Moscow <a target="_blank" class="" href="https://www.businessinsider.com/zelenskyy-ukraine-north-korean-troops-preemptively-long-range-strike-restrictions-2024-11">receives manpower</a> and arms from Pyongyang to fuel its war in Ukraine. South Korea said earlier this year that in return, North Korea has been acquiring food, raw materials, and tech expertise from Russia.Ukraine, the US, and the UK have estimated that as many as 10,000 North Korean troops may be embedded with Russian forces, and that at least <a target="_blank" class="" href="https://www.businessinsider.com/north-korean-troops-ukraine-russia-kursk-8000-front-lines-2024-11">8,000 may soon be deployed to the front lines.</a>NATO Secretary General Mark Rutte said the manpower injection has given Russia a crucial way to <a target="_blank" class="" href="https://www.businessinsider.com/russia-cant-sustain-ukraine-attack-without-north-korea-nato-chief-2024-10">sustain its attack on Ukraine</a>, where Moscow has been estimated to be losing about 1,000 soldiers a day.Meanwhile, the Kremlin appears to be struggling to recruit new Russian men for the war, with <a target="_blank" class="" href="https://www.businessinsider.com/russia-sign-up-bonuses-reaching-on-par-with-us-military-2024-7">soaring sign-up bonuses</a> in some cities indicating that the supply of applicants is running low.

North Korea told the UN point blank that it's speeding up nuclear weapons development

<keyword id="4625572" type="General" weightage="20" keywordseo="indian-renewable-energy-development-agency" source="Orion">Indian Renewable Energy Development Agency</keyword> Ltd (<keyword id="391336" type="General" weightage="100" keywordseo="ireda" source="Orion">IREDA</keyword>) has opened an office in <keyword id="6424024" type="General" weightage="20" keywordseo="gift-city" source="Orion">GIFT City</keyword> at Gandhinagar which will specialise in providing debt options denominated in <keyword id="90766" type="General" weightage="20" keywordseo="foreign-currencies" source="Orion">foreign currencies</keyword> to facilitate natural hedging and significantly reduce the financing costs for green hydrogen and renewable energy manufacturing projects, the Ministry of New and Renewable Energy said on Thursday. The strategic initiative which would contribute to the country's journey towards a greener future was highlighted by IREDA chairman and managing director (CMD) Pradip Kumar Das at a panel discussion on 'Future Growth Opportunities for Long Duration <keyword id="1609428" type="General" weightage="20" keywordseo="energy-storage" source="Orion">Energy Storage</keyword>', held at the World Future Energy Summit 2024 in Abu Dhabi on Wednesday. The IREDA CMD emphasised the critical role that energy storage will play in achieving the <keyword id="13194051" type="General" weightage="20" keywordseo="national-green-hydrogen" source="Orion">National Green Hydrogen</keyword> Mission's ambitious target of producing over 5 million metric tons of hydrogen per annum by 2030. The CMD emphasised the need to enhance research and development efforts to reduce cost and improve the performance of energy storage solutions. It was necessary to implement policies that strengthen the supply chain network, and providing competitive and tailored financial solutions will encourage investment in energy storage projects, he added. India has taken active steps in this direction, which include the formulation of a storage requirement roadmap up to 2047, technology-agnostic storage tenders, and supportive government interventions for battery manufacturing and pumped storage hydropower projects. The Central Electricity Authority of India projects a storage requirement of nearly 400 gigawatt-hours (GWh) by 2030-32, with an estimated investment exceeding Rs 3.5 lakh crore.

IREDA's GIFT City branch to give special foreign currency loans for green projects

<ul class="summary-list"><li>Missoula has faced rising homelessness as housing costs surge and shelter capacity is strained.</li><li>A new ordinance regulating sleeping outdoors is pushing more people to seek shelter services.</li></ul>Housing costs and the homeless population have soared in the Western Montana city of Missoula this year.For the first time ever this year, the city's largest emergency shelter was kept open year-round rather than just during the frigid winter months. Jill Bonny, executive director of the nonprofit Poverello Center, which runs the city's only two emergency shelters for adults without kids, said they're already operating near capacity."I honestly thought maybe we'd have 50 or 60 people at night, but our average was 120 individuals through the summer," Bonny told Business Insider. She added that her shelters simply can't accommodate the number of people still sleeping outside in the city of about 79,000.Homelessness — and shelter occupancy — has spiked in Missoula over the last several years. Between 2021 and 2023, the city's two main shelters saw a 53% increase in the number of nights of shelter provided to Missoulans experiencing homelessness. It's also a statewide issue: Montana saw a 551% increase in homelessness between 2007 and 2023 — <a target="_blank" class="" href="https://www.huduser.gov/portal/sites/default/files/pdf/2023-AHAR-Part-1.pdf">the largest increase in the nation</a>.And it's directly related to the surge in housing costs in Missoula and across the state. Particularly since the pandemic popularized remote work, a flood of <a target="_blank" class="" href="https://www.minneapolisfed.org/-/media/assets/events/2024/2024-regional-economic-conditions-conference/watson_mt.pdf">affluent transplants</a> has overwhelmed the housing market, pushing rents and home prices way up. Missoula's struggles with rising housing costs and homelessness reflect issues plaguing much of the West and <a target="_blank" href="https://www.businessinsider.com/henrys-leaving-west-coast-sunbelt-california-texas-florida-real-estate-2024-2">Sun Belt</a>, where transplants have moved in droves in recent years. But its efforts to boost affordability and address homelessness could chart a path forward for localities facing the same issues.Advocates for those experiencing homelessness say there's much more work to be done. The city recently cracked down on unsheltered homelessness in the wake of <a target="_blank" class="" href="https://www.businessinsider.com/supreme-court-homeless-camp-removal-without-adequate-shelter-beds-2024-6">a Supreme Court ruling</a> allowing people to be fined or arrested for sleeping in public places even if there's no available shelter bed. Local lawmakers say the city needs more state and federal funds to aid those experiencing homelessness.<div type="image" title="An emergency shelter called the Poverello Center in Missoula, Montana." height="850" width="1276" msid="114989518" hostid="261" sizebytes="105118"></div><h2 id="9f86bcab-3985-4415-9238-bd2a8160ace0">A spike in homelessness</h2>Recently, the city has begun cracking down on unsheltered homelessness, citing a surge in community complaints about public camping. In June, the city council <a target="_blank" class="" href="https://missoulacurrent.com/city-establishes-new-policy-on-crisis-camping-future-options/">passed an ordinance</a> banning camping between 8 a.m. and 8 p.m. on city land and the council is <a target="_blank" class="" href="https://montanafreepress.org/2024/10/24/missoula-city-council-considers-changes-to-rules-restricting-camping-on-city-property/">debating expanding</a> it to ban overnight camping in city parks.Since the anti-camping ordinance went into effect in July, the city's shelters have seen an uptick in the number of people seeking a bed, a hot meal, or even just a place to go during the day, Bonny said.Bonny wants the city to invest in more shelter beds, transitional housing, and an authorized "crisis camping" area where people who don't want to move into a shelter can live in tents."If we're going to tell people where they can't be, we need to tell them where they can," she said. She also says the city desperately needs to invest in more mental healthcare and addiction treatment services.Not far from downtown Missoula, one temporary solution is in effect. The nonprofit New Hope Ministries teamed up with the county to create <a target="_blank" class="" href="https://hopemontana.org/hope-outreach/">temporary housing in hard-sided shelters</a> where people experiencing homelessness can find some stability before moving into permanent housing.<div type="image" title="Small structures serve as transitional housing at Missoula's Temporary Safe Outdoor Space." height="936" width="1268" msid="114989515" hostid="261" sizebytes="122238"></div>City councilmember Bob Campbell, who co-sponsored the anti-camping ordinance, said the city doesn't have the resources to provide a shelter bed for every person experiencing homelessness."There's only so much that we can do, at least from a city standpoint, from a municipal budget standpoint, to address the issue," he said.Campbell said he plans to join a city delegation that will visit the state legislature next year to ask for more state funding for homelessness and housing.<h2 id="33ce03be-d9bd-4485-8e6d-c5c58bc28a4e">Building more housing is key to solving homelessness</h2>Affordability is at the root of homelessness in Missoula and across the US.Missoula's <a target="_blank" class="" href="https://www.missoularealestate.com/sales-data/">median home price has ballooned</a> from $310,000 in 2019 to $545,000 today. It's a statewide problem: Montana's housing market was named the <a target="_blank" class="" href="https://www.mtpr.org/montana-news/2024-09-19/montanas-housing-market-named-least-affordable-in-the-country">least affordable in the country</a> this fall. It's a statewide problem: Montana's housing market was named the <a target="_blank" class="" href="https://www.mtpr.org/montana-news/2024-09-19/montanas-housing-market-named-least-affordable-in-the-country">least affordable in the country</a> this fall.Montana has taken big steps in addressing housing affordability issues. The state legislature recently championed a slew of <a target="_blank" class="" href="https://www.businessinsider.com/trump-supporting-republican-montana-governor-yimby-housing-policies-lowering-rent-2024-3">bipartisan pro-housing policies</a> dubbed the "<a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2023-04-28/montana-s-yimby-revolt-aims-to-head-off-a-housing-crisis">Montana miracle</a>" by housing advocates that are intended to make building denser housing easier.Missoula is doing more than many other Western cities to invest in housing. The city is preparing to approve <a target="_blank" class="" href="https://montanafreepress.org/2024/10/17/missoula-releases-draft-of-land-use-plan-to-guide-growth-over-the-next-20-years/">a new land-use plan</a> that will overhaul city zoning laws and development codes, legalizing denser housing construction citywide. Campbell is optimistic the updated policies will "do a much better job in allowing multiple different kinds of housing to come into Missoula that wasn't the case before."Bonny agrees that building more housing needs to be the first step. "If I could snap my fingers and something would be fixed — we need more housing, and we need more supportive housing," she said.The skyrocketing cost of housing has caused many other longtime Missoulians to question whether they can afford to stay put. David Stalling, a Marine Corps veteran and wildlife conservationist, has lived in Missoula for more than thirty years. He loves the progressive college town, where he can spend his mornings just north observing grizzly bears in their native habitat. But he's considering leaving.After losing his home to foreclosure in 2006, Stalling, 62, is struggling to pay the $1,200 rent for his studio apartment, which has risen from $900 when he moved in three years ago. Stalling, who's suffered from PTSD, depression, and substance abuse issues, wants to see unhoused people in Missoula get the same life-saving support he got from the government as a veteran."You shouldn't have some billionaire living in a giant mansion up in the Bitterroot contributing to the destruction of so much of what we care for while good people are sleeping out in the cold," Stalling said. "It's just not right."Are you dealing with housing insecurity or unaffordable rent? Share your story with this reporter at <a target="_blank" href="mailto:erelman@businessinsider.com">erelman@businessinsider.com</a>.

A booming Montana city's struggle with homelessness is a warning — and a model — for the West

<ul class="summary-list"><li>Much of the office market may be mired in a downturn, but demand has been strong for high-end space.</li><li>New office construction has dropped off sharply, leading to a potential upcoming shortage.</li></ul>Office vacancy is at a record high in Washington, DC, and the city is regarded as one of the nation's <a target="_blank" href="https://www.businessinsider.com/the-federal-government-is-cutting-back-its-office-footprint-2023-6">most challenged</a> markets – in part because of its heavy reliance on federal tenants that have continued to slim down their spaces.Yet Hilary Goldfarb, a senior managing director at Rockefeller Development who leads the company's Washington, DC, operations, has little doubt about the sleek 400,000-square-foot office property her firm is raising at 600 Fifth St.When the building is completed in mid-2026, Goldfarb says she is "confident it will be full.""This is not hope as a strategy," she added, noting that half of the project was pre-leased to the law firm Crowell &amp; Morning. "It's based on real data and real activity."Across the country, major office markets from New York to San Francisco have been pummeled by the lasting popularity of remote and hybrid work. Newly built, high-end offices, however, are finding takers.That demand has persisted even as office construction has been stifled by higher interest rates and inflation, which have pushed up costs. Worries over the health of the office market have also made lenders reluctant to finance new development.About 30 million square feet of new office space will be completed this year in the US, roughly half of what was built in 2019, before the pandemic, says CBRE, the real estate services firm. In 2025, deliveries will fall even further, to 14 million square feet, CBRE projects.While the overall office market is awash in hundreds of millions of square feet of empty space, CBRE predicts that vacancy in the market's upper segment will drop to pre-pandemic levels by 2027 – around the same time projects that are breaking ground now will be ready.A growing number of office developers have taken notice and see a budding shortage they are eager to cater to. Large office tenants, who often plan their space decisions years in advance, have also begun to recognize that while space options may abound now, they are likely to vanish in the coming years – raising interest in new development."The last six, seven months, there's not just people coming kicking the tires, there's people that are really looking to engage," said Scott Rechler, the CEO of RXR Realty, referring to what he says is growing tenant interest in 175 Park Ave., a 2.8-million-square-foot skyscraper designed by Skidmore, Owings &amp; Merrill that developers RXR and TF Cornerstone are planning next to Grand Central Terminal in midtown Manhattan.The group now aims to begin construction on the more than $4 billion, 1,575-foot-tall tower midway through 2025 and with significantly less pre-leasing than originally planned because of their growing confidence in demand. Asking rents at the tower will be above $200 per square foot, among the highest ever sought in the city."There used to be a point where we thought we would need to pre-lease all of it," Rechler said. "Now, we think that at 500,000 feet, it's probably enough to get going."Rechler said that interest in elite new space had been stoked by other high-end offerings in the market, such as One Vanderbilt, a recently built nearby tower, JPMorgan's new headquarters at <a target="_blank" href="https://www.businessinsider.com/jpmorgan-nyc-headquarters-design-270-park-avenue-request-proposals-2021-4">270 Park Ave.</a>, and a planned skyscraper at 350 Park Ave. that will house the <a target="_blank" href="https://www.businessinsider.com/ken-griffin-citadel-office-space-real-estate-fifth-avenue-2024-8">investment firm Citadel</a>."If your competitors have a building like that that they're identified with and you're trying to be on a parallel path, you're going to say I want to be in a space at the same level or better," Rechler said.<div type="image" title="Large conference room and office space overlooking Midtown Manhattan." height="1852" width="5000" msid="113908775" hostid="261" sizebytes="387772"></div><h2 id="5d3faa99-284e-4185-804a-807a2344cd11">Other developers are laying plans for new towers</h2>The large development firm Related Companies, meanwhile, says that four office towers it has built with Oxford Properties as part of their Hudson Yards mega-project, are now 99% full. The team is readying to begin a new 45-story, 1.1-million-square-foot office property called 70 Hudson Yards next year."We think we're going to be one of the only new buildings in '27, '28 when there's going to be no new supply," Philippe Visser, Related's president of office development, said.Even as overall office vacancy is now at 15.1% in Manhattan, according to CBRE, Visser sees little competition between the overwhelming majority of that empty space and Hudson Yards, where a number of major corporate names have migrated in recent years to take occupancy of newly built buildings. Tenants include Wells Fargo, KKR, BlackRock, Meta, and L'Oréal."All these successful companies who are looking for really dynamic office space want new construction," Visser said.70 Hudson Yards will feature an array of state-of-the-art features, including a triple-paned glass facade, which greatly enhances the insulating properties of glass exteriors and will make the building more energy efficient and appealing to sustainability-conscious office users.In Lower Manhattan, Larry Silverstein hinted that he is close to moving ahead with plans to erect the final office skyscraper at the World Trade Center, a 2.8 million-square-foot tower designed by architect Norman Foster.Rumors abound that Silverstein is close to signing a large lease with American Express that would allow the project to proceed."Just stay tuned" was all Silverstein would say about the possible deal at the tower, 2 World Trade Center.Silverstein said he was certain other tenants would fill up the remainder of the building's available space once construction is underway."When you put everything this buildings has all together, it's superior," Silverstein said. "It never left my mind that someday we would succeed in accomplishing Tower 2 – and that's where we are today."Manhattan is particularly conducive to new construction in that it has both a large captive audience of corporate office users and a deep inventory of old, outdated office properties that have fallen out of favor.But because there is so little office construction on the horizon nationally, builders have begun to lay similar plans in other markets with similar dynamics.Visser, for instance, says Related expects to break ground on a new 40-story, 925,000-square-foot office tower at 725 W. Randolph St. in Chicago by next year.Although that city is also awash in available space, the building would be one of the only available newly built office properties in the Fulton Market neighborhood, a desirable sub-district in the city's West Loop that is known for its retail and restaurants, he said.Related Ross, a spinoff development firm launched earlier this year by Related's founder, Stephen Ross, is about to begin construction on 15 City Place, a nearly 500,000-square-foot office building in West Palm Beach, Florida. The project is about 70% pre-leased to an undisclosed roster of tenants, according to Jordan Rathlev, a senior vice president of development at the company.Rathlev said he recently received a space inquiry from a financial technology firm that is seeking at least 300,000 square feet – far more than 15 City Place can accommodate. The interest from that tenant and others has given a boost to the company's ambitions to begin building a neighboring office property called 10 City Place that will also be around 500,000 square feet in size."The intent is that they're both going at the same time," Rathlev said, indicating Related's hope that it will sign enough anchor tenancy at 10 City Place to build it and 15 City Place simultaneously.<h2 id="70c57a95-0968-4007-a21d-96efb55c9ff3">A tale of two office markets</h2>There is a yawning gap between the health of top tier office space and the wider market, according to data from CBRE.The firm labels new and heavily renovated spaces that meet a host of quality measures as "prime" – a segment that encompasses only 8% of overall office inventory nationally.A net total of 49.3 million square feet of prime space was absorbed between 2020 and the first quarter of 2024, according to CBRE. Around 170.3 million square feet of net vacancy accrued in the rest of the office market during that same period.Overall office vacancy nationally was 19.1% in June, close to a record level. Prime vacancy was 15.5% and CBRE forecasts that figure will drop by almost half, to 8.2% by 2027, its pre-pandemic average."We believe that this absorption estimate is conservative, and the prime vacancy rate could return to its pre-pandemic level sooner given continued job growth," Jessica Morin, CBRE's director of US office research, said.These top-of-the-market spaces, which charged a 60% premium before the pandemic, are now 84% more expensive than competing spaces.With little supply, that differential could grow."8.2% is a healthy prime market and we expect rent growth in this tranche," Morin said.Driving the solid metrics is a lack of new supply.While a total of 44 million square feet of office space is presently under construction, only about 17.3 million square feet of it, 39% of the total, is considered prime, according to CBRE. 8 million square feet of that is pre-leased, meaning that there is only about 10 million square feet of upcoming available top quality space.<h2 id="ccbe14d6-6f15-40b7-b453-f934e9df0594">Financing remains a sticking point</h2>Even with the tailwinds, financing high end office construction remains a challenge. Banks have grown wary of lending to office projects, even those that are likely to be a financial success, because of broader concerns around declining values, increased foreclosures, and potential financial losses in the sector.Rechler said that RXR was considering "alternative strategies" to arrange financing for 175 Park Ave., as a result."The scale of this project is of a level, I'm not sure you'd be able to get enough traditional banks, as an example, to be a lender," Rechler said.Rechler said RXR has explored other routes to arrange the billions of dollars of debt necessary to fund 175 Park Ave.'s construction, including the municipal bond market, in part because the project includes $500 million of transit upgrades to Grand Central Terminal."I feel good," Rechler said, "that we'll have the right combination of pre-leasing and financing to begin next year."

What office meltdown? Developers see a shortage of high-end space and are rushing to build it. 

<ul><li><keyword id="19912295" type="General" weightage="100" keywordseo="GTA-VI" source="keywords">GTA VI</keyword> is launching in Fall of 2025</li><li>Rumours about the game have often surfaced online</li><li>GTA VI has two new protagonists</li></ul> Since December last year, when the first trailer of GTA VI dropped, gamers across the world have been awaiting the launch of the game. Every now and then, we keep hearing rumours about the upcoming title. A couple of days back, it was being reported that <keyword id="21697329" type="General" weightage="20" keywordseo="gta-vi-release" source="Orion">GTA VI release</keyword> might be delayed till 2026 and gamers were quite disappointed. However, providing some relief, Rockstar has confirmed that the game launch is well on track, for now at least. On Wednesday last week, during a shareholders meeting, <keyword id="19913260" type="General" weightage="20" keywordseo="Rockstar-Games" source="keywords" meta.keywordsubtype="org" meta.entityname="Rockstar Games" meta.hostid="261" meta.entityid="Rockstar Games">Rockstar Games</keyword> parent <keyword id="20449993" type="General" weightage="20" keywordseo="Take-Two-Interactive" source="keywords" meta.keywordsubtype="org" meta.entityname="Take-Two Interactive" meta.hostid="261" meta.entityid="Take-Two Interactive">Take-Two Interactive</keyword> said that they plan on releasing GTA VI "in the Fall of calendar 2025." Hence, the game might release within the expected timeline. Now that the game is expected to launch on time, here's a deep dive into everything we know so far about GTA VI. <h2>1. GTA VI will see a return to <keyword id="20449992" type="General" weightage="20" keywordseo="Vice-City" source="keywords">Vice City</keyword></h2> One of the most exciting revelations about GTA VI is its return to Vice City setting. Fans of the series will remember Vice City as the neon-drenched playground from the 2002 game, which was a vibrant homage to 1980s Miami. However, this time around, the city is part of a much larger world. <div type="Article" hostid="261" msid="113512150" title="Sony unveils PS5 and PS5 Pro's retro look on PlayStation’s 30th anniversary and gamers can’t keep calm" mstype="2" mssubtype="0"></div> The game is set in a modern-day version of Vice City, within the fictional state of Leonida. From the trailer released at the end of 2023, we saw glimpses of the familiar yet upgraded environments, with Starfish Island and other iconic locations making a return. But the map isn't limited to Vice City alone. Rockstar has promised the "biggest, most immersive evolution of Grand Theft Auto yet." This means we can expect vast rural areas, beaches, and cities beyond Vice City, possibly inspired by other parts of Florida, packed with intricate details and dynamic environments. <h2> 2. GTA VI will see Two new protagonists</h2> GTA VI introduces us to a pair of new protagonists—Jason and Lucia. This is the first time in GTA's history that a female protagonist will take center stage, as Lucia plays a prominent role in the narrative. In the trailer, Lucia is seen wearing prison clothing, hinting at her troubled past and possible run-ins with the law. The relationship between Jason and Lucia appears to draw inspiration from classic "Bonnie and Clyde" dynamics. The trailer shows the duo engaging in criminal activities together, suggesting a strong bond built on trust and shared adventures. This focus on dual protagonists may hint at more dynamic storylines, with players possibly switching between characters, similar to the multiple protagonist mechanic in GTA V. <h2> 3. GTA VI rumours: Enterable buildings, minigames and more</h2> As with any new Grand Theft Auto game, fans expect a plethora of new features, and GTA VI seems set to deliver. Leaks had earlier suggested that the map will be filled with numerous enterable buildings, offering players more opportunities for exploration and interaction. This could range from stores and homes to businesses, making the world feel more lived-in than ever before. One rumour that has fans particularly excited is the potential return of the basketball minigame. This feature, which was last seen in GTA: San Andreas (2004), would allow players to shoot hoops in various courts scattered around the city. A leaker, @LegacyKillaHD, shared that the basketball minigame was in development at Rockstar's Toronto studio but was nearly cut from the final product. While its inclusion remains uncertain, the potential return of such an interactive minigame hints at Rockstar’s continued focus on building a richly detailed world. In addition to the minigames, Rockstar seems to be doubling down on the "usual insanity" fans have come to expect in the mission design. There are reports of some missions being inspired by the Fast &amp; Furious franchise, which suggests we could see high-octane car chases, death-defying stunts, and explosive set pieces. <h2> 4. GTA VI availability on PC</h2> Unlike previous entries, GTA VI is said to be exclusive to next-generation consoles. It’s confirmed for PlayStation 5 and Xbox Series X/S, with no current plans to release on older systems like the PS4 or Xbox One. This decision aligns with Rockstar’s ambition to push the boundaries of technology and create an experience that can only be achieved on more powerful hardware. <div type="Article" hostid="261" msid="113314224" title="Asus Vivobook S15 (2024) review: Sleek design, power-packed battery performance, best for light, office use" mstype="2" mssubtype="0"></div> PC gamers, however, may have to wait a little longer. While there’s no official confirmation yet, many expect GTA VI to follow a similar path as GTA V, with a delayed PC release sometime after the console launch. Speculation suggests that the PC version could arrive in 2026, giving Rockstar more time to fine-tune the game for different platforms. <h2>5. Expectations from the second GTA VI trailer </h2> As fans eagerly await the next glimpse of GTA VI, rumours have started circulating about a second trailer. This new trailer is expected to drop in November this year. While the first trailer gave us a taste of the game’s setting and characters, the second one will likely delve deeper into gameplay mechanics, story elements, and possibly more locations. <div type="Article" hostid="261" msid="113575747" title="Black Myth: WuKong performance review — Here is how the game runs on Alienware X16 R2 with Nvidia RTX 4090" mstype="2" mssubtype="0"></div> If previous Rockstar reveals are anything to go by, we can expect the second trailer to showcase the vast open world, the character-driven narrative, and the impressive technological advancements that have been made in the last decade.

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