Pitt - 4/30/2023 16:45

Just reading where a office tower in San Francisco that was worth $300 million in 2019, is for sale and that bids are coming in around the $60 million mark. So 80% drop in value.
Have a friend that manager a smaller tech company with 150 employees. They build an office to house the company a few years ago, and last year they lost money. They have contacted a real estate company to get an estimate on its value since most everyone works from home anyway. The real estate agent told them it was not worth very much in todays work from home lifestyle. I believe this is a canary in a coal mine type of problem for most cities in the world as the idea of working from home is commonplace world wide. The number of small businesses that rely on office workers be present in their place of employment, from restaurants to auto repair places and everything in between, will feel like a row of dominoes toppling one by one. Never mind the staggering loss of commercial tax for all cities as the values of office towers get marked down.