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Lots of odd changes going on in cities right now. Offices being converted to hotels and flats in an attempt to return to profitability. Retail spaces are being
by ilikerashers 3y ago
Lots of odd changes going on in cities right now. Offices being converted to hotels and flats in an attempt to return to profitability.
Retail spaces are being turned into "experiences" with climbing walls, gyms and golf ranges taking over.
Upside is our office rent is now super cheap but I don't know who's footing the bill for all that property.
I also doubt the climbing walls are as profitable per-square-foot.
- rsynnott 3y ago> right now. Total retail space in many countries (notably in the US, but elsewhere, too) has been ramping down for a decade or so. Frankly there's far too much of it.
- DebtDeflation 3y agohttps://en.wikipedia.org/wiki/Retail_apocalypse https://en.wikipedia.org/wiki/Retail_apocalypse
- glimshe 3y agoConsidering the Internet, it is too much. But a lot of the real estate we see today was built or approved before, well, Amazon became what it is.
- rsynnott 3y agoOh, sure, but that's just how things go. Things change, certain facilities become useless and are either demolished or repurposed. Practically every coastal city in the world has or had some sort of redundant pre-containerisation port facility, say; often it will have been demolished and built on in the 80s or 90s (after containerisation, ports got _way_ smaller).
- baq 3y ago> I don't know who's footing the bill for all that property. The landlord, for now, until debt matures. Then, the banks^Wtaxpayer.
- mytailorisrich 3y agoIn this case it seems that the tower is no longer useful as telecommunications hub so BT decided to get rid of it. There are not many options for such a structure, which cannot be destroyed as it is listed.