‘Zombie Offices’ Spell Trouble for Some Banks - The New York Times
‘Zombie Offices’ Spell Trouble for Some Banks - The New York Times
Bank tremors serve as a reminder: Just because a crisis hasn’t hit immediately doesn’t mean commercial real estate pain isn’t coming.
This is the real reason for companies wanting people back to the office.
All this talk about collaboration and team spirit is just the publicly given reason for wanting people back to the office.
The real reason is that now the owners of the buildings are losing money.
Cry me a river.
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I just hope something can be done with the empty structures. Turning them into housing is easier said than done for many buildings.
It's easier said than done, but it's not that difficult. It's mostly reconfiguration of plumbing and zone controls on HVAC. The electrical is easier to distribute.
If you commit to doing it the right way, and tear it down to the structure (but leave the facade alone), it's not terribly difficult.
The problem is that the building owners want to do it cheap, and it won't be cheap. It will be more economical in the long run than fully vacant building though.
Iirc one of the biggest challenges was plumbing right? Especially for tall buildings.