Office rents are down, but they'll have to fall a lot more to make this ambitious idea pencil out.
After success with electric cars and rocket ships, Elon Musk has turned his attention to a more challenging problem: creating new bedrooms in San Francisco., employees returning to Twitter HQ last week discovered “modest bedrooms featuring unmade mattresses, drab curtains and giant conference-room telepresence monitors… one room even has a plant.” It’s a natural fit for a company where Musk has simultaneously fired thousands of workers and braced those that remain for “extremely hardcore” work.
Instead, office space is empty and getting emptier. The overall office vacancy rate is above 20 percent in Atlanta, Chicago, Columbus, Dallas, Denver, Houston, Los Angeles, San Francisco, Minneapolis, and in all four New York City business districts . Nationally, office space is about as empty as it was after the 2010 recession … but we’re on the verge of a recession, not at the end of one.And those numbers just cover leases, a lagging indicator.
to find good conversion targets—tall buildings with high vacancy rates and small floor plates built before 2010. She wound up with just four office buildings, out of the 208 total.
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