Remote work risks wiping $800 billion from the value of office buildings in major cities, highlighting the potential losses that landlords are facing from post-pandemic changes in employment trends.
They absolutely can. If Canadian cities can do it with less people and money then certainly some of these massive multi-billion dollar real estate companies can do it too.
Cities, you just said keyword there cities, you can do it in cities because people want to live in cities. They don’t want to live on the outskirts. Most of these offices are not in the city centre because the city centre is a really expensive place to have an office, only massive corporations are based there.
The vast majority of office space is in low rent districts on the periphery of cities. Because no one lives there there’s no shops, no leisure centres, no schools, no parks or other green spaces. You can’t just convert every building into a housing unit without considering the surrounding environment.
It would be infinitely cheaper to just build homes where you actually want them, than to try and convert a building that was never designed for the task.
I know it’s not trendy or hip or exciting to say that, but when you look at the economics it just doesn’t make sense outside of some very limited circumstances.
We need more housing not places to work. Sounds legit to me.
Yeah but a business park or industrial estate is no place you want to live, so it’s not like thoss offices can be converted.
They absolutely can. If Canadian cities can do it with less people and money then certainly some of these massive multi-billion dollar real estate companies can do it too.
Cities, you just said keyword there cities, you can do it in cities because people want to live in cities. They don’t want to live on the outskirts. Most of these offices are not in the city centre because the city centre is a really expensive place to have an office, only massive corporations are based there.
The vast majority of office space is in low rent districts on the periphery of cities. Because no one lives there there’s no shops, no leisure centres, no schools, no parks or other green spaces. You can’t just convert every building into a housing unit without considering the surrounding environment.
It would be infinitely cheaper to just build homes where you actually want them, than to try and convert a building that was never designed for the task.
I know it’s not trendy or hip or exciting to say that, but when you look at the economics it just doesn’t make sense outside of some very limited circumstances.
Turn them into vertical farms if its apparently too hard to turn them into housing ;p
They can be converted, and lots of cities are in the process.