Grappling with Changing Office Districts
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Grappling with Changing Office Districts

07 December 2023 / Report

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CEO Insight Minute: What Will Vacant Office Buildings Mean for Cities?

Video

CEO Insight Minute: What Will Vacant Office Buildings Mean for Cities?

Understanding how many offices are vacant and how they might be transformed will be vital for having sustainable, vibrant urban cores.

US cities, businesses, and the public need to examine the function and financial viability of urban cores, as office workers adopt work-from-home and hybrid arrangements and once-vibrant central business districts struggle with the financial consequences of obsolescence.

Trusted Insights for What’s Ahead™

  • The decline of the US office market will have a financial impact on cities, as office buildings face occupancy levels at 50% of prepandemic levels, declines in asset values, increases in vacancy rates, and the possibility of defaults.
  • Property taxes, as well as transit and sales tax revenues, will decline, and cities need to analyze the extent of the issue within their own localities and plan for funding shortfalls.
  • Central business districts, which have been the heart of US cities’ downtowns over the last century, should diversify property and land uses well beyond offices to include cultural, educational, entertainment, and athletic facilities that attract visitors seeking unique experiences.
  • Cities, businesses, and the public will need to come together to reimagine why people come to urban centers (and what they spend their money on once they are there) as large office districts become more obsolete.

For more insights on this topic, see:

  • Banking & Financial Markets Face Office Market Distress 
  • Office-to-Residential Conversions: Not a Panacea

US cities, businesses, and the public need to examine the function and financial viability of urban cores, as office workers adopt work-from-home and hybrid arrangements and once-vibrant central business districts struggle with the financial consequences of obsolescence.

Trusted Insights for What’s Ahead™

  • The decline of the US office market will have a financial impact on cities, as office buildings face occupancy levels at 50% of prepandemic levels, declines in asset values, increases in vacancy rates, and the possibility of defaults.
  • Property taxes, as well as transit and sales tax revenues, will decline, and cities need to analyze the extent of the issue within their own localities and plan for funding shortfalls.
  • Central business districts, which have been the heart of US cities’ downtowns over the last century, should diversify property and land uses well beyond offices to include cultural, educational, entertainment, and athletic facilities that attract visitors seeking unique experiences.
  • Cities, businesses, and the public will need to come together to reimagine why people come to urban centers (and what they spend their money on once they are there) as large office districts become more obsolete.

For more insights on this topic, see:

  • Banking & Financial Markets Face Office Market Distress 
  • Office-to-Residential Conversions: Not a Panacea
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Author

Erin McLaughlin

Erin McLaughlin Erin McLaughlin

Senior Economist, ESF Center
The Conference Board

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