What Should Happen to Empty Downtown Office Spaces?

"A significant swath of our downtown office space is sitting empty," writes a columnist for the Guardian. "New York, Chicago, Atlanta, Los Angeles, Denver, Philadelphia, San Francisco, Houston, Dallas and other big cities are experiencing record-high office vacancies as workers keep working from home and companies keep letting them..."Some face-time is necessary but we're never going to go back to a 100% in-the-office policy, and companies that attempt this will lose talent to those that adapt to the shift. All this means that a substantial amount of square feet in all those tall office buildings in our major metropolitan areas are going to remain empty. The owners of these properties are already feeling the pressure of meeting higher debt maintenance with lower lease revenue, with many facing default. Countless small businesses in downtown areas facing significantly less traffic are closing their doors. And unless something is done, those empty buildings - after the banks have repossessed them from bankrupt borrowers - will become derelict, inviting even more crime and homelessness. It's already happening. So what to do? The good news is that there are many opportunities for the entrepreneurial. For example, existing office floors can be turned into less expensive single units for startups and incubators who want to boast a downtown address. Some buildings in cities with a vibrant and residential downtown - like Philadelphia - could be turned into residences. Others that are burdened with older, unsafe, non-air-conditioned school structures could convert this space into classrooms for students. Or perhaps all the homeless people sleeping on the streets outside of these empty structures could be given a warm place to stay with medical and counselling support? With the continuing boom in e-commerce, warehouse space remains costly but could become more affordable - and logistically accessible - in a downtown structure. Manufacturing space could be more accommodating, with a better location making it easier to procure workers. Other alternatives for these buildings already being considered include vertical farming, storage facilities, gyms and movie sets. Or what about taking the red pill and merely knocking these buildings down and creating open spaces, parks, museums or structures that are more amenable to this new era of downtown life?

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