this post was submitted on 25 Sep 2023
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It's not about performance, it's about control.
It's not about control, it's about billions of dollars having been invested in commercial real estate.
But, they would save billions of dollars by selling it back. This is textbook sunken cost fallacy.
Except nobody wants to buy it.... that's the problem. Many of them have long term leases that they can't break without significant penalties.
Turn them into houses and fix the housing market problem along with it.
I'm with you, but it's harder for more modern buildings.
https://www.nytimes.com/interactive/2023/03/11/upshot/office-conversions.html
The link is behind a paywall, but its a good piece.