The New York Sun/Russell Payne/10-4-2022
“Researchers are forecasting a massive drop in the value of commercial real estate in New York City due to persistent work-from-home trends, a prediction that, if true, could radically reshape the city. In a working paper from the National Bureau of Economic Research titled “Work From Home and the Office Real Estate Apocalypse,” researchers predict that over the next 10 years working from home will result in a 39.18 percent drop in the value of office buildings compared to where they were in 2019 before the pandemic.”
USAGOLD note: Offices, one analyst said, are now being used more for events than focused work. It is no secret that people are leaving cities for more pleasant surroundings – life in the country and small towns. One wonders about the future of big cities as the cultural revolution associated with advances in technology advances proceeds. We are in a period of epic demographic change that does not receive the attention it deserves.
