In a paper about the impact of remote work on commercial office real estate found that value of offices declined 32% from the start of the pandemic. The authors also found that the effect is likely to persist in the long-run resulting in $500B of value destruction (or potentially redistribution someplace else, like home prices).
We estimate a 32.95% decline in the value of New York City’s office stock at the outset of the pandemic. We estimate that remote work is likely to persist and result in long-run office valuations that are about 28% below pre-pandemic levels.
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A working paper from the National Bureau of Economic Research found that remote work raised aggregate housing prices by 15% and possibly more. This accounts for half of the overall increase in aggregate housing prices.