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Old 09-19-2023, 04:48 AM
 
2,710 posts, read 1,729,269 times
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Boston office buildings are not selling well.

https://therealdeal.com/national/202...ting-downturn/
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Old 09-19-2023, 06:20 AM
 
720 posts, read 995,065 times
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Originally Posted by matrix5k View Post
Boston office buildings are not selling well.

https://therealdeal.com/national/202...ting-downturn/
I wish they would turn some of these buildings into condos.

Maybe they will at some point.
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Old 09-19-2023, 06:26 AM
 
9,874 posts, read 7,197,601 times
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Originally Posted by Saguarogirl507 View Post
I wish they would turn some of these buildings into condos.

Maybe they will at some point.
Office buildings present serious challenges when trying to convert to residential. Depending on configuration, it's not easy breaking the floor into units where each room has a window and the systems often can't support a residential population.
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Old 09-19-2023, 06:27 AM
 
16,298 posts, read 8,126,207 times
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Quote:
Originally Posted by Saguarogirl507 View Post
I wish they would turn some of these buildings into condos.

Maybe they will at some point.
At this point, that would make sense.
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Old 09-19-2023, 07:00 AM
 
1,537 posts, read 1,121,777 times
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Originally Posted by msRB311 View Post
At this point, that would make sense.
It would but unfortunately the numbers don't add up for most developers. To try to help lower the hurdle, Mayor Wu recently announced tax breaks that could last up to 25 years if developers convert buildings to residences and from what I've read so far only a few developers are taking the city up on it. robr2 mentions some of the other issues above.

Honestly a 17% reduction in value is low. Many in the industry are bracing for 50% reductions or more. Companies that are mandating the return to office make the big headlines, but actual office occupancy and these value reductions reflect that WFH is a reality for many.
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Old 09-19-2023, 07:05 AM
 
9,068 posts, read 6,300,219 times
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Quote:
Originally Posted by robr2 View Post
Office buildings present serious challenges when trying to convert to residential. Depending on configuration, it's not easy breaking the floor into units where each room has a window and the systems often can't support a residential population.
Our construction designs need to be revamped to promote building structures that can serve multiple purposes. Office towers are not versatile at all.
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Old 09-19-2023, 07:57 AM
 
2,348 posts, read 1,777,099 times
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Quote:
Originally Posted by AtkinsonDan View Post
Our construction designs need to be revamped to promote building structures that can serve multiple purposes. Office towers are not versatile at all.
But big floorplans is what Corpos want. Keep everyone on one floor, etc. That's not really compatible with housing.

May as well wait until RTO comes back in full swing.
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Old 09-19-2023, 10:05 AM
 
129 posts, read 107,532 times
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Quote:
Originally Posted by matrix5k View Post
Boston office buildings are not selling well.

https://therealdeal.com/national/202...ting-downturn/
The office sector is going to be hurting for years to come. Wonder what the ramifications will be.
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Old 09-19-2023, 11:10 AM
 
3,584 posts, read 1,816,957 times
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Quote:
Originally Posted by yesmaybe View Post
But big floorplans is what Corpos want. Keep everyone on one floor, etc. That's not really compatible with housing.

May as well wait until RTO comes back in full swing.
I think RTO is in as full swing as it's gonna get by now, no?
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Old 09-19-2023, 11:14 AM
 
9,068 posts, read 6,300,219 times
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Quote:
Originally Posted by newenglandgal123 View Post
I think RTO is in as full swing as it's gonna get by now, no?
Most RTO we've seen so far is really fully remote going to hybrid. Very little seems to be going back to the pre-pandemic standard of 5 days in the office.
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