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Some corporations, though, are saddled with real estate that can’t be easily sold off. Large enclosed campuses, e.g. The one I’m thinking of in particular is a
by macintux 4y ago
Some corporations, though, are saddled with real estate that can’t be easily sold off. Large enclosed campuses, e.g.
The one I’m thinking of in particular is a huge part of the downtown economy, all those workers taking lunch breaks.
I don’t envy the corporate officers, although I envy their salary. It’s not an easy playing field to navigate.
- fnordpiglet 4y agoMost companies tend to not flat out own their real estate but lease it, sometimes through a special purpose vehicle that only owns that building and was financed by the company. This allows a lot better flexibility and isolation from bankruptcy etc. But I would expect if my prediction is true a big write down for those owning and holding large campuses as other corporate real estate “right sizes” to what the accountants can convince the board of. I hope the glut of office space can be rezoned to mid use - smaller office foot prints combined with residential and commercial. We are frankly overweight office space in regions saddled with a massive shortfall of residential space. However I really emphasize with commercial businesses right now. Downtown seattle is a ghost town. The lunch crowd businesses are suffering, and the streets have been taken over by the mentally ill and those that feed on them.