All office buildings in key markets are getting creamed from a valuation standpoint. COVID showed that employees could work from home thus reducing the need for office space.
I dunno. You have a lot of useless employees at corporations.
Elon Musk showed us that when he bought Twitter and laid off 80% of the workers and did not miss a beat.
“All office buildings in key markets are getting creamed from a valuation standpoint. COVID showed that employees could work from home thus reducing the need for office space.”
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BINGO! COVID showed it was far cheaper to have workers just work from home.
It also showed businesses the complete lack of work most employees were doing and they downsized as a result.
Combine that with New York, Chicago, and other Democrat paradises being overrun with crime and inflated prices...
We’ll see a ton of real estate foreclosures.... resulting in bank failures / bailouts.
Some will try to pivot to condos (if they can address plumbing issues) and that’ll impact the residential market.
Texas is doing better than just about every other state. So if they’re having these problems ... rest of the country is going to as well.