Remote work risks wiping $800 billion from the value of office buildings in major cities, highlighting the potential losses that landlords are facing from post-pandemic changes in employment trends.
Per the article, it seems that the main barrier here is that it is currently not economically worthwhile to convert these buildings, as the conversions require massive changes to the buildings themselves. If the value of these properties fall enough, however, it could easily become an attractive proposition for these buildings. A continued push for work from home can hopefully damage these property values enough to make it feasible.
Per the article, it seems that the main barrier here is that it is currently not economically worthwhile to convert these buildings, as the conversions require massive changes to the buildings themselves. If the value of these properties fall enough, however, it could easily become an attractive proposition for these buildings. A continued push for work from home can hopefully damage these property values enough to make it feasible.