The announcement comes amid a period of deep cost-cutting and layoffs for Google and during a time when commercial real estate is faltering. Billion-dollar investmentsIn June 2019, Google made a $1 billion pledge to help develop more affordable housing in the increasingly unaffordable region. A month later, Google partnered with Lendlease to redevelop its landholdings for a 10- to 15-year project valued at $15 billion. “We’ve made steady progress, but it hasn’t been without its challenges,” Scott Foster, Google’s vice president of real estate and workplace services, wrote in the blog post. Lending to commercial real estate developers and managers largely comes from small and mid-sized banks, where the pressure on liquidity has been most severe.

Source: CNN November 04, 2023 22:55 UTC