The owners of office buildings will need to adjust to a post-pandemic reality, just as shopping mall operators did during the 'retail apocalypse.'
There was a time when talk of the "retail apocalypse" was so prevalent that one might have assumed every shopping mall in the country was about to be boarded up and our only choice for buying items would be putting in an order at Amazon. Clearly, that discussion was hyperbole. Many malls did shutter, but others are thriving to this day. Amazon is ubiquitous, but other retailers are growing, too.
"I think if we go through a major labor market correction and this dynamic remains after that, then I'll buy into the fact that this work-from-home dynamic is permanent," he said. For those who are worried about the ripple effects that could happen if too many landlords walk away from office buildings, another lesson can be drawn from the shake out among malls: it has taken many years to play out. In fact, it still is.
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