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Definitely but first there will be a lot of lose/lose. Commercial real estate first has to collapse, taking people’s savings with it. Redeveloping is not a very
by ojbyrne 4y ago
Definitely but first there will be a lot of lose/lose. Commercial real estate first has to collapse, taking people’s savings with it. Redeveloping is not a very fast process, especially since the prime places for the development are in highly regulated cities. In 20 years-ish you’ll be proved correct.
- fnordpiglet 4y agoI know. We as humans prefer steady states because we can reason about them. But transitory periods are chaotic and unpredictable, and inherently painful for humans in many ways. I’m not trying to diminish the profound pain a structural remake of how we live and work will be, but I also think given the economics of maintaining a large real estate footprint vs offloading occupancy expenses to employees makes it inevitable. I think prescient commercial real estate holders will move ahead of the curve and being repurposing now. Note that most regulated cities allow for mixed use development fairly readily and in fact have been encouraging it. Hopefully there will be more forward thinking and preparation - but history indicates we don’t do that well.