The slow collapse of downtown commercial real estate is continuing. I suspect news like this, and stories about the decline of retail around downtowns that depend on daily commuter traffic will come in at faster and faster rates.
Workers are not returning to the office to work. #RemoteWork and #flexibleWork are showing to be a perfectly viable solution that is more friendly to workers. Even with hybrid work, the volume of people commuting is far lower than it used to be.
#CBRE is slowly declining to a new, lower-value equilibrium.
“Once-hot tech office in SF's SoMa sells for a fourth of its 2019 price”
