Such conversions could offer a way forward for US downtowns, which haven’t been the same since office workers fled as Covid-19 broke out nearly two years ago, leaving landlords and local businesses struggling.
“From the overall perspective, we just need increased supply. By having more supply, both the home price growth will come down and the rents will come down,” said Lawrence Yun, chief economist of the National Association of Realtors.Despite the downturn caused by Covid-19, the median price of existing homes climbed 15.
One of his firm’s latest undertakings is the transformation of an office once used by telecommunications firm AT&T into a place people want to live. In Washington, developers are pouncing on properties formerly rented by the region’s top employer, the federal government. “The pool of tenants that goes back into these buildings is dramatically diminished, and that’s what’s putting the stress on that tier of property, that’s what’s creating the opportunity,” said Abrams.
AFP Very interesting
AFP Not good- old building sickness…
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