NEW YORK: The growing footprint in New York of major tech companies like Amazon.com Inc, Facebook Inc and Alphabet Inc’s Google has given property owners and brokers hope that once the coronavirus has been conquered demand for office space will quickly return to pre-pandemic levels. But the popularity of working from home and the exodus of people from expensive coastal cities will likely weigh on demand and change workspace requirements, leaving office buildings that do not adjust less valuable. Big Tech’s expanding real estate clout already hides declining values for lower-quality properties. Prices for premier workspace in U.S. gateway cities have held or even risen during the pandemic in a flight to quality. But leasing volumes and number of buildings sold have plummeted, with valuations at the lower end falling, data shows. The pandemic has left a massive question mark hanging over the office sector, said Joe Gorin, head of U.S. real estate management and value-added investing at Barings in New York. “I know how people are going to use the hotel coming out of the pandemic. How are people going to use office buildings?” he asked. “There’s going to be some pain because we’re going to have to go… Read full this story
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