The novel coronavirus may do to U.S. office rentals what e-commerce did to malls, or so goes a line of thinking running through commercial real ...
The novel coronavirus may do to U.S. office rentals what e-commerce did to malls, or so goes a line of thinking running through commercial real estate circles.
Now technology threatens to further reduce the amount of square footage companies lease after seeing how well the work-from-home experience has fared. Space per worker slid in half to about 150 to 125 square foot since the financial crisis, according to conventional estimates, and coworking cut that by about half again.Publicly traded owners of office buildings have been challenged in New York for some time.
"It's going to accelerate this move to newer office space and it's going to suck the life out of non-quality assets, this transition from older stock," said Scott Crowe, chief investment strategist at real estate-focused CenterSquare Investment Management in Philadelphia, who added that the premium between new and old space has been increasing"exponentially."
Professional and financial services firms may reduce space more than others because so much work is done at functions outside the office. But not all firms will downsize.
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