"CRE Expert Warns 30% of Office Buildings Worthless, Fueling Economic Fears"
As remote work continues and office vacancy rates soar, commercial property owners are facing the harsh reality that about 30% of office buildings may be essentially worthless and need to be torn down. The potential solution of converting offices into apartments faces challenges such as high costs and zoning regulations, leading to predictions that a significant portion of commercial buildings may not survive the downturn in office demand. Experts suggest that government subsidies and clever public policy could help facilitate the conversion process and prevent a collapse of the commercial real estate market.