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‘Priced Out:’ The Empty Office Doom Loop

Start Here

ABC News

News, Daily News, Politics

4.56.4K Ratings

🗓️ 28 December 2023

⏱️ 17 minutes

🧾️ Download transcript

Summary

In this re-run of Start Here’s special series "Priced Out," Brad sets out to understand the invisible market forces that shape American downtowns. More and more American workers are being asked to come back to their offices. But is that because of team-building, or is it about real-estate prices? And, some cities worry that all these empty office buildings will thrust them into an economic “doom loop.” So, how are savvy real estate developers finding ways to take these vacant skyscrapers, and make them profitable assets again? Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

What fits the mighty in Macmillan mighty hikes?

0:03.0

The adventure with my mates.

0:04.6

All the different emotions you go through.

0:06.9

The memory of my late wife.

0:08.5

Knowing that I'm helping support people living with cancer.

0:11.5

Grab your boots and take on one of 15 stunning hikes across the UK.

0:16.0

Do it as a team with friends and family.

0:19.0

Or rise to the challenge by yourself.

0:21.0

Every step, sweat, tear and and smile will make a difference to people's lives.

0:27.0

Search mighty hikes to sign up today.

0:30.0

Hello, hello, hope you're still having a good week. What is this? The fourth day of Christmas now? Well, whatever,

0:37.0

because what matters is it's the third day of our look back at some of our in-depth reporting this year on Start Here.

0:43.4

So in our series, Priced Out, we've been talking about how the invisible hand of the

0:48.0

real estate market is quietly reshaping American lives.

0:51.9

And when I say real estate, you probably think of housing, right, where we live.

0:56.0

But workspaces are going through this too.

1:00.3

Entire downtowns quickly emptied out in the wake of the pandemic and even as many workers have returned

1:06.0

is kind of begged this question.

1:08.0

How much do we really need all those office buildings downtown?

1:11.7

This question has huge ramifications because if you

1:15.2

don't need to commute to work, the gas station nearby doesn't have as many customers.

1:19.1

Neither does the hot dog vendor outside the office or the jewelry shop next door, which is why over the last year

...

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