The research firm’s top property economist likens the decline in office demand to what malls have experienced over the last six years—and sees a similar outcome.
Hopefully many offices will be converted into permanent living spaces instead of temporary ones.
It is possible to retrofit but as u/dismalnow points out zoning is a big issue but there is also issue of economics. These building need to be sold at a steep discount for redevelopment to be economically viable. This requires that current owners book their losses and sell but they won’t until they can’t refinance, first wave is due 2024-2025. Many bagholders will have to face the music, let’s see what they will do. I am sure smart developers are already stacking cash for deep value shopping. With that being said many Class B/C office towers are utter trash to a point where it is more economical to just level them. I don’t know why local governments allowed them to be built…
While coverting offices to living spaces would be good for cities, there’s no lack of living spaces.
There’s just a glut of dragons hoarding them.
No idea if this is a common turn of phrase or your invention, but I love the “dragon” reference. People get so upset when I tell them we should “eat the rich”, but not even Gaston is against killing dragons that are hoarding the village’s wealth and killing our children!
People get so upset when I tell them we should “eat the rich”
And then they vote for genocidal fascists without feeling the slightest pang of conscience. Honest libertarian pacifists, they ain’t.