People love to live around those things. If lower office space is affecting landlords, they could always convert their properties into affordable housing
Yes, but the building codes differ massively between commercial and residential. In most cases the entire building would need to be torn down and rebuilt.
Plus the financial models are very different. Commercial properties like office towers are bought on the basis of their lease values, whereas residential buildings are based off of individual sale values. This can mean commercial property can diminish massively in the face of reduced demand.
The best demonstration is the St Louis AT&T Tower story
Not to mention all the stuff around it like restaurants bars etc that wouldn't survive without the office workers' money
People love to live around those things. If lower office space is affecting landlords, they could always convert their properties into affordable housing
Yes, but the building codes differ massively between commercial and residential. In most cases the entire building would need to be torn down and rebuilt.
Plus the financial models are very different. Commercial properties like office towers are bought on the basis of their lease values, whereas residential buildings are based off of individual sale values. This can mean commercial property can diminish massively in the face of reduced demand.
The best demonstration is the St Louis AT&T Tower story
Sewage is significant hurdle to convert Office to Residence.