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Home News CRE

How Remote Working Is Impacting Office Valuations Across Big Cities

“I like to think of this as a train wreck in slow motion, where essentially, only a third of the leases have even come up for renewal,” said Stijn Van Nieuwerburgh.

Aayat AlibyAayat Ali
June 9, 2022
in CRE
Reading Time: 1 min read
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How Remote Working Is Impacting Office Valuations Across Big Cities

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A working paper from NYU and Columbia University researchers shows that the value of New York City’s office buildings fell by one-third during 2020. 

Now, a new report shows that current trends towards remote and hybrid working could lead to offices losing $500 billion from pre-pandemic values by 2029. 

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“Imagine thinking about a path where the world remains in this predominantly hybrid or remote work environment that we’re currently in for the next 10 years,” said Stijn Van Nieuwerburgh, a finance and real estate professor at Columbia University’s Graduate School of Business and one of the researchers. “Then the decline is larger—it’s 38% instead of 28%.”   

Using data from commercial real estate database CompStak, Van Nieuwerburgh and the other researchers were able to determine that lease revenues fell 8% from January 2020 to December 2021. This decline mainly came from organizations that did not renew or reduce their leases. 

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“I like to think of this as a train wreck in slow motion, where essentially, only a third of the leases have even come up for renewal,” said Van Nieuwerburgh. “There’s kind of still a lot of decisions about space to be made in the next several years as these leases roll off.”  

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Source: Fortune
Tags: CRERemote Work
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Aayat Ali

Aayat Ali

Aayat is an editor for the Daily Digest based in Lexington, Kentucky. She has worked with local coworking spaces since August of 2017 and enjoys taking her firsthand knowledge to write about the fascinating, constantly evolving world of flexible workspaces.

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