Why 1980s-vintage office buildings are becoming obsolete before their time
As companies make a push to bring workers back to the office, office buildings stuck in the ’80s are going to face a reckoning, a new report from Moody’s says.
Particularly for older office spaces built in the 1980s and before, which don’t offer the same levels of amenities and features that employees of late favor, Moody’s said in a new report, the writing may be on the wall. Commercial real estate facing a cliff There is $5.6 trillion outstanding in commercial mortgages, according to the Mortgage Bankers Association.
At the same time, banks are becoming more sensitive to whom they lend to, tightening their lending standards amid the crisis in banking. Many employers are abandoning spaces built in the 1980s and earlier as they “seek to encourage workers back to the office with more modern amenities and design layouts,” Moody’s said.
But others are scaling back on how much space they’re renting, in preparation for a looming recession. Twitter and Liberty Mutual are in that group.
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