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this post was submitted on 15 Oct 2023
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No Stupid Questions
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It benefits the owners of commercial real estate. Which is primarily banks and investment firms.
Companies need to stay on the good side of banks and investment firms. Otherwise they don't get loans.
But also, some of these companies own those buildings. If they're not in use, their value in the market drops.
Also, there's external pressure from cities and townships who give tax incentives to companies to bring their employees in to spend money in the city. For example, a company might get a tax break if they create a thousand jobs. That's only a good deal for the city if those thousand people are in the city and spending their money and generating taxes.
I see, so the idea is that they're responding to external pressure from governments and financial institutions? I guess I could see that, though it shouldn't be hard to prove by pointing to specific policies and loan conditions.
How does that work? Why would a buyer care if the seller was using the building? If anything, I would think using them would depreciate their value due to wear and tear.
A big thing in my country, business buildings are expensive because of location and what's around them. But if employees aren't in the office, restaurants, cafes public transport corner shops etc lower in demand or even close entirely. This makes the building itself less in demand and harder to rent out at a higher price.
A lot of these buildings are owned by banks, CEO's and financial institutions who have the money to push for changes like government to make people come into office and can use any reason like "think of all the failing cafes!".
Ah, hm... I guess that makes sense. Bringing people to the office raises the value of surrounding retail, which in turn raises the value of the office. Thanks, that explanation clears it up.