https://fortune.com/2023/05/25/office-space-crash-harder-than-expected-remote-work-economy-cre-crash/

“The key takeaway from our analysis is that remote work is shaping up to massively disrupt the value of commercial office real estate in the short and medium term,” the authors wrote.

:sicko-hexbear:

The authors found that higher quality buildings, a.k.a. buildings with higher rents that were built more recently, “appear to be faring better,” which they claim is consistent with the notion that companies have to improve office quality for workers to want to come back.

:porky-scared-flipped:

  • MolotovHalfEmpty [he/him]
    ·
    1 year ago

    Oh no! What could we possibly do with millions of square meters of empty and well-connected city real estate in the midst of a housing crisis?!

      • Shinji_Ikari [he/him]
        ·
        1 year ago

        There's probably some think tank schmuck in Raytheon acres wracking his brain at the local mission bbq who would be gutted knowing he didn't come up with that first.

        He'd still pretend like he did.

      • im_smoke [he/him]
        ·
        1 year ago

        College dorms with no windows, great thinking! :porky-happy:

    • EnsignRedshirt [he/him]
      ·
      1 year ago

      One- and two-bedroom luxury condominiums that are used almost exclusively for money laundering and/or AirBnB rentals.

    • join_the_iww [he/him]
      ·
      1 year ago

      I know what you’re implying, but then the problem is that in order for the conversions to be economically feasible, a lot of the new apartments would probably have to be windowless.

      • im_smoke [he/him]
        ·
        edit-2
        1 year ago

        Hear me out, apartments and hallway are arranged on the outside like a rectangular donut. Inside of the donut, space for activities:

        • floor 1: gym with no windows
        • floor 2: art space with no windows
        • floor 3: pool with no windows
        • floor 4: um little library with cozy couches but no windows!
        • floor 5: lil movie theater
        • floor 6: empty space this is the austerity floor :(
        • floor 7: another gym with no windows!

        It can go like that on repeat.

    • ClimateChangeAnxiety [he/him, they/them]
      ·
      1 year ago

      They aren’t built in a way that that works. Refitting the plumbing is nearly as expensive as building a whole new building. And that’s if you can solve the “apartments need to have windows” problem

      • JuneFall [none/use name]
        ·
        1 year ago

        Let people do a lot of that work on their own time and dime and it will be done. Plenty of squats converted office buildings.