$450 Billion Office Value loss Apocalypse?
Is 2023 the year of the office? The contrarian in me thinks it might be.
A recent report by Arpit Gupta, an associate professor at NYU estimates offices will see a 39% decline in value by 2029. They estimate about $49B will get wiped out in New York City alone, and roughly $450B of value could be lost nationwide.
As Baron Rothschild famously said, “the time to buy is when there's blood in the streets.” Well - with a nearly 40% loss in investment value in offices, there will be blood in the streets!
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https://www.bisnow.com/new-york/news/office/nyu-arpit-gupta-office-apocalypse-116628
Baron Rothschild, an 18th-century British nobleman and member of the Rothschild banking family, is credited with saying that “the time to buy is when there's blood in the streets.”
