Posted on 07/12/2024 7:20:59 PM PDT by SeekAndFind
The national office vacancy rate hit a record 19.8% in the first quarter of 2024, according to a preliminary report from Moody’s Analytics.
And it could get worse, as companies continue to lease substantial space despite a decline in the in-office footprint.
While the shift to remote work in recent years offers plenty of flexibility to employees, some experts have concerns the decline in office building usage could spell a more sinister problem for big cities.
“Everybody’s affected by this issue,” Stijn Van Nieuwerburgh, a professor of real estate at Columbia Business School, told CNN.
Van Nieuwerburgh, previously dubbed "the prophet of urban doom" by The New York Times, notes that declining office property values leads to lower real estate tax revenue, which means cities have to slash spending.
“When cities cut spending, cities become a less attractive place to live and people leave — and that aggravates the problem, We get into this vicious cycle that I’ve called the ‘urban doom loop.’”
In New York City, office vacancy levels have topped 20% since the COVID-19 pandemic began in 2020, reports CNN, citing data from the NYC Comptroller. Census Bureau data shows the city’s estimated population slumped from 8.80 million to 8.34 million between April 2020 and July 2022, a drop of roughly 468,000 residents — which represented nearly 5.3% of the city’s total population.
Van Nieuwerburgh told The New York Times last year that if office values decline in proportion with usage, city revenue from property taxes could plunge billions of dollars a year.
“So this is a train wreck in slow motion,” he said. “The second shoe has yet to drop.”
Some experts believe converting vacant office buildings into residential apartments could revitalize a dying downtown core
(Excerpt) Read more at msn.com ...
So many individuals occupying C-suites shown (with DIE/ESG) that they willing to poison their own companies to advance the communist agenda.
The trend you’re seeing sounds similar.
Turn them all into Indian casinos. That’s the obvious solution.
And convert the space to smart city housing!
You thought *working* in a cubicle was bad...
“Perhaps these positions are redundant and they don’t need to exist?”
Correct answer.
The managers of the “keystroke gang” should also be fired. It is obvious their jobs do not need to exist.
Then I would take a very hard long of the next level of managers above them.
It is a good bet that most of them are redundant as well.
“used to have to put my headphones in and listen to music (classical or gregorian chant usually) to try to drown out the noise so I could get some work done.”
When I worked in an office it was obviously a lot noisier than yours. I had to play thrash metal to drown out the noise. I am serious.
Some experts believe converting vacant office buildings into residential apartments could revitalize a dying downtown core
Methinks the experts forgot the need for more utilities, from plumbing for showers/baths to electrical for cooking to garbage shutes. Adding utilities to the existing builing envelope is cost prohibitive
Re: Keystroke/mouse movement software
Where can I get that software to use to run a farm? ;)
When you’re actually doing something useful, as you are, you do not need keystroke software. :-)
Are you a fan of Anonymous 4? I have several of their albums and think it's some of the most beautiful music I own. 11,000 Virgins by Hildegard von Bingen is my favorite.
Lincoln and his bodyguard became close, and slept in the same bed: Derickson’s superior, Lt. Col. Thomas Chamberlain, and Tish Fox, the wife of Assistant Navy Secretary Gustavus Fox, both wrote about it. Tish wrote in her diary that Derickson was devoted to Lincoln and “when Mrs. Lincoln was away, they slept together.”
“The president was also not an infrequent visitor in the late afternoon hours, and endeared himself to his guards by his genial, kind ways. He was not long in placing the officers in his two companies at their ease in his presence, and Capts. Derickson and Crozier were shortly on a footing of such marked friendship with him that they were often summoned to dinner or breakfast at the presidential board. Capt. Derickson, in particular, advanced so far in the president’s confidence and esteem that in Mrs. Lincoln’s absence he frequently spent the night at his cottage, sleeping in the same bed with him, and — it is said — making use of his excellency’s nightshirt!"
This was in addition to him having spent years sleeping with Joshua Fry Speed earlier in his life. Don't give me any nonsense about "well gosh, men slept in the same bed sometimes back then". No. If it looks like a duck, walks like a duck and quacks like a duck....its probably a duck.
Yes I have that album and yes I like that one.
Yeah, it IS pretty hands-on, LOL!
Though I still manage to find time to waste here... ;)
High unemployment will fix this problem as people are forced back to the office.
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