Remote work wipes $453b off office real estate
The surge in remote work, and a decline in demand for office space, during the COVID-19 pandemic has apparently wiped an estimated $453 billion off commercial real-estate value. That's not good news for investors and pension funds relying on the value of these buildings.
Prior to the coronavirus outbreak, 95 percent of office space was occupied in the US, according to the bureau. By the end of March 2020, occupancy dropped to 10 percent, it said. As of only a couple weeks ago, the NBER said office occupancy is still only at 47 percent.
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