Quote:
Originally Posted by JMKeynes
Yes. Economies are cyclical. No downturn is permanent.
|
Nobody's saying that the economy won't rebound... but will there be structural changes that reduce the demand for core-city office space and take some of the pressure off the East Midtown market? I do think a greater number of workers will work from home, and some employers may choose to re-suburbanize to office parks.
Remember, this is also happening at the same time that millennials are starting families and (if they can swing it) looking to buy homes. They don't necessarily want homes in the suburbs specifically, but urban real estate is out of reach for a great many people, especially if they want access to good public schools or if they need to budget for private schools. So they get pushed into suburban markets, especially older suburbs from the 1950s and 60s with more starter homes. And prime suburban office sites (near malls, major interchanges, etc) can be scooped up by businesses for a steal.
This is not pre-determined, but it's something that city leaders in every major city should be prepared to fight.