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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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Where I live many offices have already been converted to apartments.
Thats great but I don’t think my office building could ever be converted. It has a central core and 3 wings (shape like mercedes symbol) but most of the plumbing is either in the middle or at the end of each wing.
What I'm hearing is "off-campus college dorm with communal bathrooms".
Maybe, but the nearest college is on the other side of the city.
That would work great for some of these empty offices in downtown Denver... a couple schools are an easy bus ride away from downtown, and LoDo would be a pretty good college neighborhood (other than all the people on fentanyl etc). The only problem is I don't think they really need more college housing.
That's the problem with office highrises, too - it would take a huge amount of work to install the plumbing necessary for them to become housing.
... and HVAC and power with the internal wall change and sound-insulation.
This simply means it's a question of how far do the values of these buildings need to fall before it is economically viable to perform these massive conversions. Government could certainly incentivize these conversions. Too bad it seems most governments don't care about alleviating the various housing crises.