this post was submitted on 15 Nov 2023
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I'm popping a bottle of discounter champange when the 'office-building-crisis' starts
Hopefully they will become the desperately needed affordable housing.
They won't.
It's prohibitively expensive to convert office buildings into residential. So prohibitively expensive, in fact, that it's often more cost effective to demolish the entire building and rebuild residential in its place.
(At which point, of course, the owner will have sunk so much into their investment that the cost of the brand new housing will be as high as they can possibly make it and still fill the place.)
Stop dreaming.
It's definitely in the starting/fear of happening phase. In the US, I often see articles talking about the potential financial meltdown that empty office buildings are going to create.