Working from home could wipe $800 billion from office values globally | CNN Business
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Remote work risks wiping $800 billion from the value of office buildings in major cities worldwide by 2030 as the post-pandemic trend pushes up office vacancy rates and drives down rents, according to a new report.

McKinsey said cities could adapt to the declining demand for office space by “taking a hybrid approach themselves,” developing multi-use office and retail space and constructing buildings that can be easily adapted to serve different purposes.

  • @[email protected]
    -3•1 year ago

    No they’re not. It’s a complex and multi-facetted answer that people don’t like hearing.

    • Immigration
    • Poor zoning
    • AirBNB
    • Speculative real estate

    Could go on and on

    It’s all poor planning coupled with abject greed and on those points we are all guilty.

    But of course everyone wants to point a finger at one simple person.

    • @[email protected]
      11•1 year ago

      Millenials own around 4% of the wealth in the U.S.

      The younger generations have less.

      Dunno what you see that as, but I see it as older generations having too much money. That means they’re a problem.

    • @just_another_person
      4•1 year ago

      Airbnb and Speculative Real Estate, sure, but in the US, Canada, and the Central EU countries, all the existing real estate is largely owned by the older Baby Boomer generation and their kids. Millennials have zero chance to buy any of that due to their lower ownership of total wealth in these areas, and the speculative pricing BS that is overvaluing the entire market BECAUSE of bullshit like Airbnb potential being factoring. It’s a losing proposition.