Re:Nearly 12M Square Feet of Vacant Office Space in S.F
by AdamJacobMuller on Sunday October 25, 2020 @06:57PM
(#24890829)
The same effects which will drop commercial office real estate prices will drop commercial residential prices and thus their rents.
And, if it doesn't, in the absence of work they always have the option of moving somewhere with a more attractive income to cost of living ratio.
Much harder for a company to up and move than an individual or a family.
My concern is more about the ripple effects. Many low-skilled workers rely on service work, and servicing corporate real estate is a real industry (janitorial services, managerial duties, parking lot attendants, plumbers, even construction). They are already having a pretty hard time of it, and if this industry vanishes, "moving on" may mean going out on the streets. San Francisco, Los Angeles, New York, and San Diego have enough homeless already.