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Hybrid-work trend may wipe out $800 billion from office property values by 2030, McKinsey study says (www.reuters.com)

submitted 1 year ago by xNIBx@kbin.social to c/worldnews@kbin.social

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A shift to remote working is likely to wipe off $800 billion from the value of office buildings in major global cities by 2030, according to a study published by consulting firm McKinsey on Thursday.

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[–] Catch42@kbin.social 16 points 1 year ago

Good. Property values are a necessary evil in our economic system to allocate finite amounts of land. Unlike say the value of a company that makes things, which reflects the utility gained from it's products, property values mostly represent scarcity, falling property values therefore indicates that we have partially mitigated that scarcity.