{"id":1971631,"date":"2023-07-13T07:27:01","date_gmt":"2023-07-13T11:27:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/hybrid-work-trend-may-wipe-out-800-billion-from-office-property-values-by-2030-mckinsey-study\/"},"modified":"2023-07-13T07:28:05","modified_gmt":"2023-07-13T11:28:05","slug":"hybrid-work-trend-may-wipe-out-800-billion-from-office-property-values-by-2030-mckinsey-study","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/hybrid-work-trend-may-wipe-out-800-billion-from-office-property-values-by-2030-mckinsey-study\/","title":{"rendered":"McKinsey study: Hybrid work may slash office property values by $800B by 2030."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fhybrid-work-trend-may-wipe-out-800-billion-from-office-property-values-by-2030-mckinsey-study%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1971631&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<p><strong>A Shift to Remote Working Could Impact Office Building Values<\/strong><\/p>\n<blockquote>\n<p>A study published by consulting firm McKinsey suggests that by 2030, the value of office buildings in major global cities could decrease by $800 billion due to the shift towards remote working.<\/p>\n<\/blockquote>\n<p>The study focused on nine &#8220;superstar&#8221; cities, including Beijing, Houston, London, New York City, Paris, Munich, San Francisco, Shanghai, and Tokyo. It revealed that the demand for office space in these cities is expected to be 13% lower in 2030 compared to pre-pandemic levels in 2019.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>&#8220;Superstar&#8221; cities are known for their significant share of the world&#8217;s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/hybrid-work-trend-may-wipe-out-800-billion-from-office-property-values-by-2030-mckinsey-study\/\" title=\"McKinsey study: Hybrid work may slash office property values by 0B by 2030.\">urban gross domestic product<\/a> (GDP) and GDP growth.<\/p>\n<p>The study also highlighted that employees continue to spend less time working at the office compared to pre-pandemic times. Remote working has contributed to a migration away from prime cities, influenced by work-from-home models and the availability of cheaper housing in suburban areas.<\/p>\n<p>In response to the COVID-19 pandemic, tenants have reduced their office real estate, and many companies have adopted a permanent hybrid work model.<\/p>\n<p>&#8220;The decline in demand has prompted tenants&#8230; to negotiate shorter leases from owners,&#8221; stated the McKinsey report. It also mentioned that these short-term leases might make it more challenging for property owners to secure financing.<\/p>\n<p>In addition to rising vacancy rates, commercial property firms worldwide are facing significant declines in property valuations due to increased borrowing costs and a high-interest rate environment. This has led investors to explore more profitable avenues.<\/p>\n<p>The survey also noted that troubled financial institutions could further impact property values if they decide to quickly reduce the value of the properties they finance or own.<\/p>\n<p>The McKinsey report arrives at a time when global economies are navigating various macroeconomic challenges, including elevated inflation, high-interest rates, and mounting recession fears.<\/p>\n<\/p>\n<p> (Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Shilpi Majumdar)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/hybrid-work-trend-may-wipe\/attachment\/file-photo-a-vacant-office-building-5-hanover-square-in\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with Landon Starbuck<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with Jake Lang<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with Brian Babin<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>with Becket Cook<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>(Reuters) -Britain\u2019s antitrust regulator on Thursday announced an in-depth probe of Adobe\u2019s $20 billion bid for cloud-based designer platform Figma, after the\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Josh Ye HONG KONG (Reuters) -China issued interim measures on Thursday to manage its <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/uk-announces-in-depth-probe-of-adobes-20-billion-figma-deal\/\" title=\"UK to investigate Adobe's B Figma deal thoroughly.\">booming generative artificial intelligence<\/a> (AI) industry, saying\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>SHENZHEN, China (Reuters) \u2013 Chinese tech giant Huawei Technologies received $560 million in royalty revenues in 2022, Alan Fan, its head of\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>BERLIN (Reuters) \u2013 German auto supplier Bosch will invest almost 2.5 billion euros ($2.8 billion) in hydrogen fuel cell technology from 2021\u2026 <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>A McKinsey study predicts that remote working will devalue office buildings in major cities by $800 billion by 2030. The survey focused on nine &#8220;superstar&#8221; cities including Beijing, Houston, London, New York City, Paris, Munich, San Francisco, and Shanghai.<\/p>\n","protected":false},"author":66,"featured_media":1971632,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-1971631","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1971631","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1971631"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1971631\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1971632"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1971631"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1971631"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1971631"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}