Boston Real Estate for Sale
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Converting office buildings into Boston condos for sale may not so far fetch as you might think.
According to a recent New York Times article, the pandemic has created a crisis in the commercial real estate industry. Some leaders think it’s time to reimagine the city’s business districts.
But it’s not just in Manhattan, the pandemic is pummeling downtown Boston commercial real estate industry, The damage caused by the emptying of office towers and the permanent closure of many stores is far more significant than many experts had predicted early in the crisis.
According to the New York Times:
The powerful real estate industry is so concerned that the shifts in workplace culture caused by the outbreak will become long-lasting that it is promoting a striking proposal: to turn more than one million square feet of Manhattan office space into housing.
Nearly 14 percent of office space in Midtown Manhattan is vacant, the highest rate since 2009. On Madison Avenue in Midtown, one of the most affluent retail stretches in the country, more than a third of all storefronts are empty, double the rate from five years ago.
The industry’s troubles, initially sparked by the exodus of office workers during the state’s stay-at-home orders in the spring, have persisted as many commuters have settled into long-term or permanent remote-work arrangements. Employers have discovered that productivity does not necessarily suffer in the absence of shared workspace and that smaller office footprints and more lenient work-from-home policies might make lasting economic sense.’
Downtown Boston Real Estate and the Bottom Line
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