As companies push to bring workers back into the office, buildings stuck in the pre-1980's are going to face a reckoning, a new report from Moody’s says.
As companies make a push to bring workers back to the office, office buildings built before the 1980s are going to face a reckoning, a new report from Moody’s says.
But a reluctance among the working population to fully embrace the return to work is prompting many companies, from Airbnb to Zillow, to offer employees the flexibility to work from anywhere. — Nick Villa, Moody’s Properties built before the 1980s are at greater risk of becoming functionally obsolete “because generally speaking, if there were no significant renovations to the building, the amount of capital required to bring it ‘current’ and compete in today’s market would be costlier,” Nick Villa, an economist with Moody’s Analytics, told MarketWatch.
At the same time, around 16% of the $4.4 trillion in outstanding mortgages on commercial real estate are set to mature in 2023, Moody’s said, a quarter of which are backed by office properties. A third of workers with jobs that can be done remotely are working from home all the time, according to a report from Pew Research Center.
Employers are trying to make meetings more focused, he added, and seeking office spaces that present opportunities for people to meet and collaborate, alongside an ability to connect with remote employees.
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