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The office real estate crash will be so sharp and deep that Capital Economics thinks office values are unlikely to recover by 2040 (fortune.com)
submitted 3 years ago by to c/news@kbin.social
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The research firm’s top property economist likens the decline in office demand to what malls have experienced over the last six years—and sees a similar outcome.

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[–] 16 points 3 years ago (1 child)

meanwhile average folks can't afford modest homes. When I was young condos were cheap alternatives to free standing houses (ok except for luxury ones). Now they all claim to be luxury and I have no idea who manages to buy these things. Single family freee standing homes in an area you won't be shot is beyond anyone who works for a living.

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  • [–] 1 point 3 years ago*

    parents buy them for children who help pay off the mortgage with their 100K job.

    generational weatlh is a thing the popular media refuses to acknowledge. that is the reason most of these places get snapped up.

    I live in Boston. Vast majority of people who even making 200K can't afford a home. So their parents give them a nice 250K or more gift, and boom suddenly that million dollar condo/home is affordable for the couple. these people also never had student loans or medical debt like the average person would. they also often inherit cars and other large ticket items from family, further reducing their cost of living.

    my salary has gone up 50% in the past few years. but housing has gone up 100%. There is no 'getting ahead' in this market via salary alone. you need family money. i paid for my own education, and had loans and etc. I'll never own property unless i win the lottery or move to a rural bumfuck area.

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