A joint research team from NYU and Columbia University studying the impact of remote work on office properties says office buildings will lose 28% of their value by 2029 if remote/hybrid work patterns become the norm.
In an academic paper entitled Work from Home and the Office Real Estate Apocalypse, the team projected that the overall "value destruction" in the US office sector could total more than $500B by 2029 if hybrid work takes root and lease revenue shrinks along with office footprints.
The research team, including Arpit Gupta of NYU's Stern School of Business, Vrinda Mittal and Stijn Van Nieuwerburgh—both from Columbia University's Graduate School of Business—studied the impact of remote work on the commercial office sector.
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