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:
I've heard from those formerly in city planning that many of these offices were built with tax incentives over retail or housing space to promote high income job growth. If there is a real estate bubble, it's gonna be in the commercial space. They're even trying to spin in the article that newly builts or renovations can save you. :cope:
Such a shame, we could have had more apartments in place of these desolate office buildings to offset the rise in cost of living. But that sort of thing would require communist thoughts such as "planning for the future of your city."