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Remote Work to Wipe Out $800 Billion From Office Values, McKinsey Says
(www.bloomberg.com)
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this post was submitted on 13 Jul 2023
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Only some office buildings can be converted into reasonably shaped apartments, particularly those built before WW2, when architects wanted more natural light. After WW2, office buildings became a lot deeper because of expanded use of electric lights.
But there are ways to make more useful shapes out of those open floor plans.
Free NYT article link
Make apartments on the sides and use the middle for cool stuff like cinema rooms and ball pits.
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.