Not to worry. BlackRock/CCP will buy it all up for pennies on the dollar.
Turn them into Airbnbs.
I wonder how many can be turned into decent apartment or condo buildings? Maybe prisons with jump off balconies for those that would like to save the taxpayer more incareration costs.
I am currently looking for work in the tech sector and have noticed quite a shift in the remote work job postings over the last 3-4 months. The one sector where people could work 100 percent remotely is the one insisting they come back to the office, particularly in the Bay Area and Seattle.
Homeless high-rises
It has a nice ring to it.
Making room for the Fifteen Minute cities.
We always laughed at tv news. They always used night scene hi-rise backdrops on the set. All colorful and pretty looking...Then ya get down on the streets and it looks like Armageddon, complete with zombies.
A I is already starting to replace many white-collar paper pushing jobs.
original moneywise article without the tsunami of crap on msn web pages:
https://moneywise.com/real-estate/american-office-vacancy-levels-hit-record-high
‘Stijn Van Nieuwerburgh’
Who or what is this? And we should care about their opinion because...? ;)
Listen! Every square INCH of unoccupied Real Estate across the land IS going to be needed to house ILLEGALS.
Didn’t Stijn Van Nieuwerburgh get the Memo from Brandon?
No, we've been in an urban doom loop since the 1940s. Cities no longer serve industries nor residents. The riots in the 1960s weren't the beginning, they were after the end - riots by recent arrivals since the industries and earlier residents had already departed.
The few industries that still operate in a city are by necessity and run at a severe loss. If not for taxpayer subsidies, even more cities would be dismantled.
-Accommodation
-Accommodation and Food Services
-Administrative and Support Services
-Administrative and Support and Waste Management and Remediation Services
-Agriculture, Forestry, Fishing and Hunting
-Air Transportation
-Ambulatory Health Care Services
-Amusement, Gambling, and Recreation Industries
-Animal Production
-Apparel Manufacturing
-Arts, Entertainment, and Recreation
-Beverage and Tobacco Product Manufacturing
-Broadcasting
-Building Material and Garden Equipment and Supplies Dealers
-Chemical Manufacturing
-Clothing and Clothing Accessories Stores
-Computer and Electronic Product Manufacturing
-Construction
-Construction of Buildings
-Couriers and Messengers
-Credit Intermediation and Related Activities
-Crop Production
-Data Processing, Hosting, and Related Services
-Education and Health Services
-Educational Services
-Electrical Equipment, Appliance, and Component Manufacturing
-Electronics and Appliance Stores
-Fabricated Metal Product Manufacturing
-Finance and Insurance
-Financial Activities
-Fishing, Hunting and Trapping
-Food Manufacturing
-Food Services and Drinking Places
-Food and Beverage Stores
-Forestry and Logging
-Funds, Trusts, and Other Financial Vehicles
-Furniture and Home Furnishings Stores
-Furniture and Related Product Manufacturing
-Gasoline Stations
-General Merchandise Stores
-Goods-Producing Industries
-Health Care and Social Assistance
-Health and Personal Care Stores
-Heavy and Civil Engineering Construction
-Hospitals
-Information
-Insurance Carriers and Related Activities
-Internet Publishing and Broadcasting
-Leather and Allied Product Manufacturing
-Leisure and Hospitality
-Lessors of Nonfinancial Intangible Assets
-Machinery Manufacturing
-Management of Companies and Enterprises
-Manufacturing
-Merchant Wholesalers, Durable Goods
-Merchant Wholesalers, Nondurable Goods
-Mining
-Mining, Quarrying, and Oil and Gas Extraction
-Miscellaneous Manufacturing
-Miscellaneous Store Retailers
-Monetary Authorities - Central Bank
-Motion Picture and Sound Recording Industries
-Motor Vehicle and Parts Dealers
-Museums, Historical Sites, and Similar Institutions
-Natural Resources and Mining
-Nonmetallic Mineral Product Manufacturing
-Nonstore Retailers
-Nursing and Residential Care Facilities
-Oil and Gas Extraction
-Other Information Services
-Other Services
-Paper Manufacturing
-Performing Arts, Spectator Sports, and Related Industries
-Personal and Laundry Services
-Petroleum and Coal Products Manufacturing
-Pipeline Transportation
-Plastics and Rubber Products Manufacturing
-Postal Service
-Primary Metal Manufacturing
-Printing and Related Support Activities
-Private Households
-Professional and Business Services
-Professional, Scientific, and Technical Services
-Publishing Industries
-Rail Transportation
-Real Estate
-Real Estate and Rental and Leasing
-Religious, Grantmaking, Civic, Professional, and Similar Organizations
-Rental and Leasing Services
-Repair and Maintenance
-Retail Trade
-Scenic and Sightseeing Transportation
-Securities, Commodity Contracts, and Other Financial Investments and Related Activities
-Service-Providing Industries
-Social Assistance
-Specialty Trade Contractors
-Sporting Goods, Hobby, Book, and Music Stores
-Support Activities for Agriculture and Forestry
-Support Activities for Mining
-Support Activities for Transportation
-Telecommunications
-Textile Mills
-Textile Product Mills
-Trade, Transportation, and Utilities
-Transit and Ground Passenger Transportation
-Transportation Equipment Manufacturing
-Transportation and Warehousing
-Truck Transportation
-Utilities
-Warehousing and Storage
-Waste Management and Remediation Services
-Water Transportation
-Wholesale Electronic Markets and Agents and Brokers
-Wholesale Trade
-Wood Product Manufacturing
-
-
I remember Rush saying this back in 2020. Why live in the super expensive city or commute into NYC 5 days a week when you can work from home and still get the same amount of work done.
Despite all the bluster and all the headlines, no, a lot of people are not returning to the office. There’s no benefit to them for doing so and there are massive downsides. Companies are just going to have to get used to it.
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
High unemployment will fix this problem as people are forced back to the office.