Joey Politano🏳️🌈 @josephpolitano.bsky.social · Jun 1 Adjust for inflation, and US office construction is holding at worst-of-the-great-recession levels, falling nearly 60% since the onset of the pandemic in 2020 and down 9% over the last year in data released today
120 likes 7 replies
Replies
I’m guessing this is mostly (lack of) demand driven, but also it’s hard to build when all the construction workers are being deported
Horrifying what's happening to DC. All sorts of massive pieces of DC property being sold off to anyone who'll take it off our hands. Vought OMB/GSA firesaling everything. Sold to absolutely anyone who'll buy, absurdly cheap. wtop.com/government/2...
If no workers are needed because of AI, no offices are needed. Just data centers.
I'll repeat another's comment - companies are betting on AI to eliminate the need for office space.
Here’s an idea. Just hear me out. We could use idled construction resources 2 build affordable housing & reconfigure neighborhoods 2 B more transit oriented. Maybe support climate readiness projects for existing buildings? Like solar panels & enhanced insulation? Oh, wait…was Biden working on that?
What do expect when the Federal Reserve keeps interest rates rock bottom throughout the 2010s? That is a recipe for overbuilding because the costs of carrying that debt is so low and the consequences of not fully leasing out the space are negligible.
Whats inventory looking like tho