> Commercial real estate needs to pull its head out of its ass soon and start heavily discounting spaces or shit’s going to get real real.
Agreed - so many viable businesses have been forced to close due to rent hikes but the underlying problem is that there a lot of investors who were promised guaranteed high returns for commercial property. They should be forced to accept the downside of that gamble but as a group they have so much political clout. Pretty much all of the “return to office” hype machine is driven by those very well-connected people and cities are receptive because most downtowns were heavily over-focused on subsidizing suburban car commuters, which can’t easily be converted into more attractive spaces for actual residents.
Agreed - so many viable businesses have been forced to close due to rent hikes but the underlying problem is that there a lot of investors who were promised guaranteed high returns for commercial property. They should be forced to accept the downside of that gamble but as a group they have so much political clout. Pretty much all of the “return to office” hype machine is driven by those very well-connected people and cities are receptive because most downtowns were heavily over-focused on subsidizing suburban car commuters, which can’t easily be converted into more attractive spaces for actual residents.