All Powerful Moderator
The coronavirus could spark the conversion of New York’s office buildings into residential buildings
I don't buy what they are selling here. While I do think there will be a downturn in the demand for office space because tenants will realize they don't need to spend the kind of money for it when their people can actually work remotely, I don't see how that translates into residential conversions.
Firstly, I don't buy transactions to purchase office buildings being done at numbers which could make sense for "affordable housing" unless the market for these buildings has a serious price adjustment downwards. Secondly, the residential market is already overbuilt and I see demand post-Coronavirus at best being even and more likely being down.