Report highlights the potential losses that landlords are facing from post-pandemic changes in employment trends.
Remote work risks wiping $800 billion from the value of office buildings in major cities, highlighting the potential losses that landlords are facing from post-pandemic changes in employment trends.
McKinsey’s model is offering a window on how property owners and lenders are grappling with the changes in where people work in the wake of the pandemic. The shift is also affecting the value of retail and residential real estate as people’s new habits influence where they shop and live. Lower office attendance has driven down asking rents in real terms. US cities have generally seen sharper drops, with San Francisco and New York City showing declines of 28% and 18% respectively, while European centers such as Paris, London and Munich have been more resilient.
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