Demolish office buildings because demand isn't coming back, hedge fund manager says
Office buildings aren't going to see a resurgence in workers coming back, so it may be best to tear some of them down, hedge fund manager Kyle Bass said., it's not practical to keep most buildings and convert office space to apartments, he added.
In his view, those trends are particular threats to older buildings that don't have the same types of amenities that higher-quality offices have, according to Bloomberg.than prior to COVID, while firms such as Yelp have already downsized their offices. Bass also said multifamily-property developers can't proceed with projects at the moment, as recent banking turmoil has caused a lending crunch that is limiting builders.
"You have to jackhammer rebar and concrete. You have to re-plumb everything. And when you finish it, it just doesn't feel right. You wouldn't want to live there," he told Bloomberg, citing the lack of light as an example.
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