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.
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.
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…
