Think about it: that number is between one and two days a week at home, but it has a huge impact on values, support retail, and the pattern of everyday life.
This writer knows what he’s talking about. He’s a Stanford economic professor who has studied this for the last 20 years, and he looks at way more than corporate badge data.
Work-From-Hom is going to continue to push down office values, especially grade B properties in central business districts or areas with a lot of institutional employers. Two factors will drag out the adjustment period, possibly for five years or more: 1) “pretend and extend” loans that delay the day of reckoning; and 2?: fractured “humpty-dumpty” debt ownership that makes it almost impossible to settle. In the meanwhile, many of these are going to become zombie properties lacking money for tenant improvements or the mark-down in values necessary for conversion to another use.