The Rise And Fall Of The Office Park

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Morning Brew

Morning Brew

Күн бұрын

Suburban office parks are a ticking time bomb. Despite millennials doing everything to wipe them out, the suburban office park has endured thanks in part to leases signed before 2020. But once those deals expire, a potential economic disaster awaits, impacting pensions, retirement funds, and communities dependent on commercial property tax revenue. This is the rise and fall of the beloved (hated) suburban office park.
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Пікірлер: 696
@Distortion0
@Distortion0 9 ай бұрын
If they were nice and walking distance from people's homes, people would probably use them. Instead they're in the middle of no where for cheap rent and employees are sick of long commutes for work that could be done at home.
@sifangchengus
@sifangchengus 9 ай бұрын
You are right! And if the company does not provide lunch and there are no restaurant nearby, you have to cook food everyday to prepare for lunch next day. It is just taking so much time to shop grocery(which is also bad beacuse you have to sit in the traffic) and cook.
@arney444
@arney444 9 ай бұрын
two questions: 1). Do you have a single family house?. 2) If yes - do you want a commercial development next to it?. If one of your answers is "no" - then don't talk about things you have no idea about.
@therewarden9759
@therewarden9759 Ай бұрын
​@@arney444 1). Does the office park loud to disturb peace? 2). If yes- is that really a office park or a car factory?
@Beastphilosophy
@Beastphilosophy Ай бұрын
​@@arney444Is this commercial space useful to me and would I want to walk there. It also depends on how much asphalt and car traffic the commercial space has.
@arney444
@arney444 Ай бұрын
@@Beastphilosophy Not sure I understand. What is my post, which you replied to?
@storminnordman9596
@storminnordman9596 9 ай бұрын
When it comes to municipal finances, cities and towns get a lot more tax dollars per square foot from mixed-use and mid-to-high density buildings. They have all collectively shot themselves in the foot many years ago by having horrible zoning laws and city planning. If it takes a crisis for people to realize low-density single use zoning is not economically sustainable, so be it.
@honeytgb
@honeytgb 9 ай бұрын
City taxes have been subsidizing single-family suburbia for decades. Time for the "free markets" to take care of that anomaly.
@glennsutter9533
@glennsutter9533 9 ай бұрын
Yes, a crisis is apparently needed. Not so coincidentally, we have a massive housing crisis that is becoming more massive every day, and that comes from this same root cause.
@elbowstrike
@elbowstrike 9 ай бұрын
“Let’s assume cheap gasoline and materials forever” - Boomers
@comeradecoyote
@comeradecoyote 9 ай бұрын
I think it's going to take these office parks going bankrupt to begin a true realignment of priorities away from wasteful land use, back towards more efficient ones. Beyond the grassroots efforts underway in many places.
@Nylon_riot
@Nylon_riot 9 ай бұрын
​@@elbowstrikeThe fracking revolution does give us all the gasoline we want.
@ttrjw
@ttrjw 9 ай бұрын
Office parks are a symbol of an economy totally dependent on the private car.
@commentinglife6175
@commentinglife6175 9 ай бұрын
Yep, folks get to use their car and generally don't have to pay to park while enjoying the freedom of movement that a car brings! And with the office park so close to where folks live, they may have to drive the car, but their commute will be far, far shorter than the urban dweller stuck waiting on an unreliable and crowded bus/train. (Try buying groceries for a family of four and using public transportation. No, I don't want to go grocery shopping every two days; that isn't a solution!)
@AaronCMounts
@AaronCMounts 9 ай бұрын
@@commentinglife6175 THANK YOU! All these urbanist idiots really don't understand the level of personal utility a car brings to a person's life. They can't see any distance travel beyond daily work commutes and really think nobody ever uses more than a back-pack's worth of cargo volume. Their stupidity is exhausting.
@James-vj5hz
@James-vj5hz 9 ай бұрын
​@@commentinglife6175You can just walk to the grocery store in most cities
@TomPVideo
@TomPVideo 9 ай бұрын
​@commentinglife6175 maybe flip it around. People working in office parks are all dependent on roads and highways that always get backed up and have terrible transit, due to being in the middle of nowhere. Downtown has all the rapid transit infrastructure, express routes, and optimized/dedicated lane bus infrastructure. Just because an office park is in the suburbs, doesn't mean it's nearby to YOUR suburb. This just results in everyone driving everywhere else.
@commentinglife6175
@commentinglife6175 9 ай бұрын
@@TomPVideo Having lived near DC with their metro system AND their awful traffic, I'd say your initial assumption is wrong. Yes, some people might have to commute to an office park elsewhere, but provided the company didn't move (granted, COVID changed this dynamic for sure), people would target suburbs near their office. That's what my family did when we bought a home back in the Midwest. As for inner-city transit, I've waited on trains that either didn't show up on time or were too full to fit more people all trying to commute. A public transit system is worthless if you can't use it! I'll risk a bad commute living in the 'Burbs and using my car cause at least suburban homes are similar so finding one I like near my office isn't difficult; try to find the similar living situation near a downtown office for the same price - ain't happening!
@thetrainhopper8992
@thetrainhopper8992 9 ай бұрын
I’m kind of unsympathetic about the governments that are going to lose money on this. They can change their tax, zoning and building codes. They can liberalize building and implement land taxes to deal with this. If there was housing and other businesses around the offices, the offices would have some demand rather than nothing. Boomer style suburbanization is economically unsustainable financially, we knew this was going to happen at some point.
@Demopans5990
@Demopans5990 9 ай бұрын
Less so the governments, more so the people that elect the government. If they're not going to accept that suburbia isn't very viable without seeing their tax bill climb sharply, well, too bad, reality has a way of making itself known
@LordBeef
@LordBeef 9 ай бұрын
Bingo.
@beback_
@beback_ 8 ай бұрын
The Boomers didn't do this. They were born into it and never knew any different. The reason we have fallen out with suburbia is that we grew up in a more connected world and could see how proper cities are better in the US and especially abroad.
@gh0s1wav
@gh0s1wav 6 ай бұрын
@@beback_thanks for the reasonable answer. I swear people on the internet literally want a generational war or some shit😂
@beback_
@beback_ 6 ай бұрын
@@gh0s1wav Yeah it's really dumb. Like, try and be more than just your birth year. It's only flattering for about 10 years anyway.
@darrellfrancis2115
@darrellfrancis2115 9 ай бұрын
I really dislike the "millennial preferences" argument. I didn't move to a city because I wanted to be a sophisticated urbanite. I moved to a city because that's where the jobs are. Internal advancement is barely a thing anymore, so if you want to increase your income, you have to job hop. Better to be in a city where there's lots of potential jobs close by.
@kevinolsen8779
@kevinolsen8779 9 ай бұрын
Life long New Jersey guy here. Back in the bad old days when the world was new and I still had hair, many of us wondered just why the ×+$$# we were building so much office space. Someone calculated that there was enough office space for everyone in the State to have their own desk and shuffle paper. As a scientist it was sickening to watch what happened to Bell Labs. As an environmental scientist it was sickening to see so much open space dissappear under yet another office park and supporting strip malls.
@pace1195
@pace1195 9 ай бұрын
@@lu544 Building with purpose and intensity. You can build high quality low-rise cities with plenty of office, working, and entertainment space in a small to medium sized city. Allow missing middle housing, retrofits of property not specifically zoned for that use, and lax enough building and tax laws to make it worthwhile for someone to invest in a mixed-use building in the core part of the community. The buildings need as much flexibility as the businesses that come and go due to the creative destruction of business.
@jamalgibson8139
@jamalgibson8139 9 ай бұрын
​@@lu544 What a strange question. The alternative is to just build things the way we used to. Zoning laws have only been around for about 100 years, and have only been used as they have for about 60 years. If we just revert to traditional city planning, we'll get out of this mess and work out way back to sensible financing for cities.
@ejtattersall156
@ejtattersall156 9 ай бұрын
Sounds like The Mall all over again.
@rosebloodwater13
@rosebloodwater13 9 ай бұрын
First time I've seen Bell labs mentioned outside a documentary about it. 😮
@philiprand8049
@philiprand8049 8 ай бұрын
​@@pace1195 missing middle housing. Yeah I just love hearing my neighbors music at all hours of the day.
@SebastianTheGreat
@SebastianTheGreat 9 ай бұрын
I think you hit the nail on the head with one thing: they were a tax shelter. Office parks are a terrible way to use land. When actually occupied, they are only used 40 hours per week, meaning that the majority of the time, they sit empty. Not only that, but since everyone in the suburbs drives, they’re surrounded by massive parking lots that make the buildings look tiny in comparison. They don’t exactly have the best carbon footprint, since the majority of the “vegetation” is lawn which requires watering
@DiceMaster740
@DiceMaster740 8 ай бұрын
I'm fine with the office space itself only getting used 40 hours a week, but Jesus! All that parking just to sit empty 128 hours of the week 😞
@darkgalaxy5548
@darkgalaxy5548 7 ай бұрын
And my house is sitting empty 40 hours per week. Also a waste.
@rpvitiello
@rpvitiello 9 ай бұрын
Cities got economically destroyed by suburbs. It’s only fitting for the suburbs to get economically destroyed by those recovering cities.
@kyle857
@kyle857 2 ай бұрын
Suburbs are dependent on residents, not office buildings though.
@rpvitiello
@rpvitiello 2 ай бұрын
@@kyle857 suburbs are dependent on new development to create revenue to cover the infrastructure that’s aging like a ponzi scheme. Almost none are economically solvent cuz they are just too expensive compared to tax revenue.
@MrTim-ez2qd
@MrTim-ez2qd Ай бұрын
Cities are gonna get even more wrecked by virtual work when office spaces in those cities aren’t used anymore
@rpvitiello
@rpvitiello 19 күн бұрын
@@MrTim-ez2qd not if it’s an actual city and not just an office park. There’s many reasons people choose to live in a city other than just going to an office tower.
@MrTim-ez2qd
@MrTim-ez2qd 19 күн бұрын
@@rpvitiello plenty of cities like San Francisco are losing business
@wicho2465
@wicho2465 9 ай бұрын
The death of office parks won’t be the undoing of suburbia. The low density single family zoning is the real killer. Suburbs cannot raise enough revenue via property taxes with such low density.
@thetrainguy1
@thetrainguy1 9 ай бұрын
So we're just going to over look the part that these towns have invested heavily into car centric and now it's going to drain their pockets. We need a new approach. A strong towns approach and build places people actually want to live, play and work in.
@Greenday5494
@Greenday5494 9 ай бұрын
👆this man is correct. We’ve rebuilt our entire society infrastructure around inherently unsustainable practices. Time to adapt and move back to cities, the way humans have lived for millennia. I don’t care what a slave owner from the 1700s thought, he thought it was just A-OK to own other human beings.
@mustang8206
@mustang8206 4 күн бұрын
Just say you're too broke for a car. Most people want to live, play, and work somewhere they can drive in
@LQ-C
@LQ-C 9 ай бұрын
I don't think we ever needed so much office space to begin with. 2020 kind of proves this. Office workers were sent home and nothing happened. How can a society need so many people consuming so many resources a not contributing? The only thing that made this possible was currency printing.
@fleebertreatise1063
@fleebertreatise1063 9 ай бұрын
This might have more to do with investments in the economy, and not the amount of currency in circulation.
@castirondude
@castirondude 9 ай бұрын
Agree. Our company is in an office park and could get a smoking deal on a bigger space from a company that went to 100% remote work during COVID. It worked so well they never came back. But the lease had not expired so they were looking for someone else to foot the bill. I said don't do it. Where's the money? We just spend a bunch of money on an office space for what? Spend the money on better equipment, people, supplies, whatever. But a giant office building is just a financial ball and chain you have to drag around.
@celuiquipeut6527
@celuiquipeut6527 9 ай бұрын
​@@castirondudeIt was just a way to get money off of companies. Pretty much like buying a house for a family, these offices spaces mark up the price and cost a LOT. And were not even needed in the first place.
@cheapdrunk8531
@cheapdrunk8531 Ай бұрын
@@celuiquipeut6527not needed in the first place? it was a cheaper place to have your company when they were built. work from home wasn’t possible until the past 10-15 years lol
@celuiquipeut6527
@celuiquipeut6527 Ай бұрын
@@cheapdrunk8531 since the early 2000 when everything went digital with VOIP offices became obsolete. I understand and yes, there was a time when it was needed. Its not anynore.
@amvin234
@amvin234 9 ай бұрын
As a millenial with graduate degrees (and who is "on paper" a supposed "brainy youngster"), the thing I hate the most about my current, otherwise pretty great, job is that it's based out of a soulless office park. The commute from the more central part of the city to the suburbs sucks. The lack of amenities while at work sucks. The lack of pleasantly walkable areas for break sucks (unless you like the idea of strolling past half-filled parking lot after half-filled parking lot). It just overall sucks to work in an office park. And I feel like the company has its head in the sand about it while simultaneously trying to attract "brainy youngsters".
@glennsutter9533
@glennsutter9533 9 ай бұрын
Your company isn’t listening because it’s still being run by Boomers, who still think suburbia is a utopia. But there’s good news: and that is, time (death) eventually solves all problems.
@mcp4490
@mcp4490 9 ай бұрын
In addition to office parks being sterile and soul sucking, most of them in my part of the country are just far enough removed from public transportation routes that it makes it mandatory to drive. In some cases, they are literally a stone's throw away from the train station, but no sidewalks or means of crossing multiple lanes of traffic.
@answerman9933
@answerman9933 9 ай бұрын
Can you (with a graduate degree) not express yourself in better, more defined terms than saying it "sucks"?
@spark300c
@spark300c 9 ай бұрын
nope. the city center is just get too expensive. companies have to sprawl out ward or rent for housing shoot up 3,000 like New York. in fact the bay area housing crisis is due too many want to live in a super city. if they spread out to medium to small cities than we could build more houses. In Canada the problem is even worst. they even more hyperurbanizatied that usa. They have plenty of land just that jobs have to more to other areas.
@josiechaney9010
@josiechaney9010 9 ай бұрын
@@answerman9933-OP did specify. You were just too busy trying to language-police to notice.
@Ferdinand208
@Ferdinand208 9 ай бұрын
Video: 1. The world is changing (as it always does) 2. in the past most businesses chose office buildings and asked builders to build office buildings 3. now businesses are trying out new ways of working and because of that less office buildings are needed 4. this is a big problem because now we have buildings that can't do the exact thing they have done for a few years. Things might have to change! This is horrible. 5. cities and towns have to find new ways of taxing people that earn a lot
@arney444
@arney444 9 ай бұрын
Cities and towns have to realize NOT to waste money on illegal immigrants and welfare for those who does not want to work.
@Zoulstorm
@Zoulstorm 9 ай бұрын
@arney444 Moron
@KP-sg9fm
@KP-sg9fm 9 ай бұрын
​@arney444 i get what ur saying but illegal immigrants work hard as f*ck. In my experience, they work almost as much as 2 american citizens can. We should probably take advantage of that...
@arney444
@arney444 9 ай бұрын
@@KP-sg9fm Yes, the majority of illegal immigrants are hardworking people, who would take any kind of odd jobs to make a living. But the real problem is not easily visible. We - the entire world - are at a huge turning point with regard to availability of non-skilled jobs. In 5-8 years from today, there will be huge extinction of those jobs, those jobs will be disappearing with the speed of millions a year. What we - as a country - are going to do with tens of millions of people, who do NOT have ANY skills whatsoever? we as a country will face a huge crisis
@arney444
@arney444 9 ай бұрын
@@KP-sg9fm No matter how this people are eager to work, there will be NO work for them. In the democratic States like NY and Illinois there is already an UNPRECENDENTED rise of crime, because these illegal immigrants are desperate to get ANY money to live on. But they have NO skills whatsoever to be employed in a modern country. McDonalds and Burger Kings are already maxed out. Janitor and earth-digging jobs are maxed out. How many more loan moaners do we need?
@Nouvertne25
@Nouvertne25 9 ай бұрын
"Agricultural" is completely different from a Corporate Campus/Office. I don't think Jefferson was referring to the survival of America through the labor of Mid Level Executives. Nice try though.
@Neuvost
@Neuvost 8 күн бұрын
Right? That was such a non-sequitur!
@Exochos
@Exochos 9 ай бұрын
They are facing the same problem as urban malls.
@olska9498
@olska9498 9 ай бұрын
e-Commerce? Why?
@fugu4163
@fugu4163 9 ай бұрын
They will be converted to giant serverhalls for e-commerce and people working at there laptops from home. Having videomeetings online are far more easy than spending time and money for travels and in some cases hotelnights.
@wordcripple3174
@wordcripple3174 9 ай бұрын
I think they should have their zoning changed so that they can be remodeled into apartments and condos/stratas
@castirondude
@castirondude 9 ай бұрын
Better yet, abolish zoning so people can just do what makes sense.
@AaronCMounts
@AaronCMounts 9 ай бұрын
@@castirondude You'll have sawmills and cattle feedlots setting up next to peoples' houses.
@castirondude
@castirondude 9 ай бұрын
@@AaronCMounts That's fine , we have that here and it's no big deal.
@PhilipJFry-qh2jg
@PhilipJFry-qh2jg 4 ай бұрын
They've already started doing that where I live. Saw the listing's on Zillow and only words that came to mind: Dystopian housing. No human should have to live in that.
@PhilipJFry-qh2jg
@PhilipJFry-qh2jg 4 ай бұрын
​@castirondude Lmao no. Spend an hour navigating around the atlanta metro area and you'll soon be begging for zoning
@matthewconstantine5015
@matthewconstantine5015 9 ай бұрын
I'm more and more convinced that the suburbs themselves are a failed experiment. Propping up business parks seems like rearranging deck chairs on the Titanic. Suburban towns are already subsidized by the nearby urban areas they seem to hate so much, with utilities, services, and amenities that cost more than the taxes single family homes, drive-throughs, and strip malls bring in. Don't get me wrong, with the lack of housing, especially housing appropriate for larger families, most American cities as they stand right now, can't bring those suburbanites back into the urban fold. But with some effort, some zoning changes, and some new thinking (and some really old thinking), I'm a firm believer that cities are, for most people, the future, and not a bad one. The whole, "I'll move to the suburbs when I start a family" thing will, hopefully, die a much needed death. Along with the myth of moving to the country to live with nature. If you love nature...don't build a home on it.
@mryan3123
@mryan3123 9 ай бұрын
When these are no longer used as office parks, they will probably be repurposed into housing, the same way that old city factories were turned into lofts. .
@Zarkil
@Zarkil 9 ай бұрын
Not with high interest rates. While every building is different it's generally very expensive to convert office space to residential space so most contractors will need loans. High interest rates means no loans. The other option would be large capital firms, who wouldn't need loans, doing it. Unfortunately profit margins on anything other than very high end property means they have better options.
@kevinolsen8779
@kevinolsen8779 9 ай бұрын
Nimby......sigh....it was ever thus
@SupremeGreatGrandmaster
@SupremeGreatGrandmaster 9 ай бұрын
@@kevinolsen8779 I don't know what you mean by NIMBY. Converting offices into apartments is more difficult and expensive than it might seem. For starters, all the wiring and plumbing has to be re-done. Other changes must be made to accommodate local building codes. You essentially have to rebuild the entire structure.
@MatthewEng2593
@MatthewEng2593 9 ай бұрын
I can't be that hard to convert them offices. Maybe just sell them off floor-by-floor like flats. Let the new owners build the home
@Demopans5990
@Demopans5990 9 ай бұрын
@MatthewEng2593 You will need to somehow convince the banks and the local municipality to accept the lower valuation if they're ever going to be sold first
@joetesch2299
@joetesch2299 9 ай бұрын
It would be great to see these office buildings repurposed into condos & apartments to help address the shortage of affordable housing.
@charlesgoin8217
@charlesgoin8217 9 ай бұрын
Not easy to do. With exception of medical office space. Most have central plumbing in the middle near elevators, they also have a central AC system. Converting that to housing wont be as easy or cost effective as tearing down the buildings and building purpose built buildings in their place. Remember these office parks were often built cheap and by the lowest bidder. Not like many of the downtown buildings. As an Mechanical engineer that does this for a living I know.
@RonnieRLD
@RonnieRLD 9 ай бұрын
The buildings themselves aren't worth converting, but the land is and could be used to make more walkable neghbourhoods
@aaroncrewse5746
@aaroncrewse5746 9 ай бұрын
wtf? I can't speak with dense places like NYC etc. but most places have plenty of housing. The other side of the coin is we are about to have a population shrinkage. Why make a bunch of housing for folks that aren't real. Too many people you just repeat the narrative without using your brain.
@perfectallycromulent
@perfectallycromulent 9 ай бұрын
there's plenty of affordable housing in this country, you can get a house in Detroit nearly for free. it's just not affordable in places where there are good jobs. putting apartments in an empty office park, where there are no more jobs, seems to perpetuate the problem.
@jacke89
@jacke89 9 ай бұрын
@@charlesgoin8217 An even bigger issue than the plumbing or AC is the typical floorplate size of these buildings. Take a look at one on google maps (especially the lower rise 1-2 story product) and these buildings can be 30-75,000 SF on a single floor, which means a very small portion of the area is within an acceptable distance to a window. Have seen instances where they cut a circle out of the middle of the building to make it donut-shaped and have interior courtyard facing units, but that's not financially feasible for 99.9% of properties.
@sholiss3228
@sholiss3228 9 ай бұрын
the fact that the finance industry controls the fate of pension funds is so fucked.
@ChineseKiwi
@ChineseKiwi 2 ай бұрын
It really isn’t. They wouldn’t function otherwise. This is like saying all plants are bad without stating any nuance. How else are you meant to fund the funds without investing the money?
@matteframe
@matteframe 25 күн бұрын
who would you want to run a pension fund? A middle-tier bureaucrat?
@Neuvost
@Neuvost 8 күн бұрын
Thanks, Reagan!
@jonm1999
@jonm1999 9 ай бұрын
Welp, guess those office park owners should pull themselves up by their bootstraps and get to converting them to housing ASAP, huh?
@stevo728822
@stevo728822 9 ай бұрын
The real reason for the rise and fall of the suburban office park is the history of IT and telecommunications. When all companies had was their own LAN server network, it was easier to build a suburban office around it than retro fit city office space. And this is where the company's datacentres were securely located. The suburban office was essentially a shell for an 80's and 90's computer network. But with the rise of high speed internet connections and cloud computing data storage services, the requirement for a private centralised network faded. Computing power became smaller, mobile and distributed. Telecoms in cities got upgraded to handle higher and faster data traffic. Hence, all the roadworks to install this infrastructure and coffee shops to provide laptop wifi connections. But there is a future for suburban office space with the rise of robotics. Robots will need somewhere to be stored and serviced. These office shells might be easily convertible into homes for robots. It had nothing to do with Millennial's lifestyle choices. It was all down to technology.
@Novusod
@Novusod 9 ай бұрын
As someone who worked in IT in the early 2000s I think you are right about that.
@futuza
@futuza 8 ай бұрын
I think you're partially right, but there are some other factors like it being s tax shelter and America's over dependence on cars and the refusal to use public transportation.
@jonatanwestholm
@jonatanwestholm 2 ай бұрын
I was with you until the point about robots. Seems like the robots could just be stored in an anonymous industrial park, no need to retrofit an office building for this.
@cheapdrunk8531
@cheapdrunk8531 Ай бұрын
agreed man. everyone is like office parks are useless workers want to work from home. most of these office parks were built before you could work from home
@jessebfly
@jessebfly 9 ай бұрын
I have been so much more content and productive working from home. Also not having to deal with a useless commute each day has been wonderful.
@TheKarinTS
@TheKarinTS 9 ай бұрын
Same
@kh884488
@kh884488 9 ай бұрын
Working from home is the best!
@didierpuzenat7280
@didierpuzenat7280 9 ай бұрын
It should be possible to make apartments in this buildings, or even better a mix of apartments, small businesses and shops. And please, reverse at least 50% of the parking to grass and trees. And cover the last 50% with solar panels. It may not save funds but at least people will have a home and will be able to live without needing a car for basic needs. And the more homes the less expensive it is to have a home, including for retired people.
@AaronCMounts
@AaronCMounts 9 ай бұрын
You can setup all the small business space and shop space you want, but good luck enticing anyone to actually move into them. A 3-floor apartment complex of over 150 doors wouldn't be enough to entice even a small coffee house to move in, let alone any type of clinic, bar, retail shop or supermarket.
@arney444
@arney444 9 ай бұрын
Do you personally agree to increase in your taxation to pay for the Chinese-propagaded BS and waste a.k.a. "solar panels"? If not a secret - what is exactly your educational level? I am doing a research about this demagogues shouting and crying about "solar panels", and so far did not find a single one who knows what he/she talks about.
@ManwichtheMan
@ManwichtheMan 9 ай бұрын
The suburbs will definitely be the ones to face the worst effects of… suburban office parks, not sure how this could blow back on cities, which have their own sets of struggles with commercial real estate but a much more sustainable tax base. We’re almost 25 years from Office Space’s perfect depiction of the misery of doing a 9-5 job in a suburban office park. There’s no way younger generations, knowing the ubiquity of remote work, are going to move back en masse to this style of working. The majority of suburbs near office parks make any kind of transformative housing project a nearly impossible battle, so until that changes, this kind of decay will continue as suburban towns feel the effects of this stagnation and decay.
@hotmess9640
@hotmess9640 9 ай бұрын
Because cities collect revenue off property taxes of those offices lol
@thomaslthomas1506
@thomaslthomas1506 9 ай бұрын
The solution to High prices is High Prices. The solution to Low Prices is Low Prices. As so many of the parks empty out; If the rents are allowed to fall then they will attract smaller businesses and other uses that will repurpose them. Also some may be suitable to be converted to residential use. It varies by use case. Here in New England they will fall into disrepair and be seized for the taxes rinse and repeat.....
@Demopans5990
@Demopans5990 9 ай бұрын
Except too many smaller cities have come to depend on that property tax bill. If the large company packs up, that can be 10% of the tax revenue right there.
@AaronCMounts
@AaronCMounts 9 ай бұрын
Most office space is unfit for use as apartment space. Residential space requires far more plumbing and drainage capacity, as well as the installation of gas lines. That would mean boring out far larger drainage and water supply lines, which can cost as much as bulldozing and new construction would.
@thomaslthomas1506
@thomaslthomas1506 9 ай бұрын
@@AaronCMounts It depends on locality and other factors. In high seismic areas for example. If the building was up to snuff. No it would be cheaper to retrofit. Also in warmer climates. Of course market conditions are the most important factor. But I agree often a "bulldozer remodel" is the best option for obsolete structures. And I can speak from experience it's very satisfying stuffing old concrete in a dumptruck a yard an half at a time.😎
@arney444
@arney444 9 ай бұрын
99% of all the commercial properties in the US are built on borrowed money. The Owner has to pay interest and then make a profit. If the owner cannot make a profit, it will declare bankruptcy and abandon the building. Bottom line: it is not going to help lower the price, it is going to add an abandoned building and add all the problems with it.
@SkySong6161
@SkySong6161 9 ай бұрын
@@thomaslthomas1506 Warmer climates aren't always the boon folks think it is. An improperly remodeled property in a warm climate is going to have mold problems within weeks, as the building resettles around the new holes it didn't have before and breaks any sealant involved. A lot of office buildings already have mold problems because, as many folks have already pointed out, they're built and maintained (or not maintained, as I can testify for most offices I've ever worked in) on the cheap. It really does come down to just bulldozing the thing and starting over. Most offices are held together with plywood, hopes and dreams anyway, the noise from having actual households in them would be atrocious.
@ricosaurus
@ricosaurus 9 ай бұрын
Jefferson would have hated office parks as great wastes of once rural land -- farmland, woodlands, just as I do.
@Rcmike1234
@Rcmike1234 9 ай бұрын
I started a job recently that involves a fair bit of travel to customer sites. Honestly the hard part isn't the travel it's the fact I'll be semi excited to go to a city i haven't yet only to realize the customer is in an office part 45 minutes from the city ☠️
@JanuszKrysztofiak
@JanuszKrysztofiak 9 ай бұрын
Let's replace them with flats. Even if they can't be refit, land is still land, especially with existing basic infrastructure: road access, electricity, water supply, sewage system, fiber, ... Not only will the local self-governemnt get its real-estate tax, but new residents/taxpayers too. I like idea of remote work rejuvenating small cities which often offer nice quality of life and access to many facilities (schools, shops, malls, sport) within small relatively small radius, no need for long, wasteful commutes.
@adamhattan
@adamhattan 9 ай бұрын
Really enjoyed this presenter's style of humour and how she engages the audience! Plus the script was very well suited to her presentation skills. Great job guys! Would come back to see her present other topics in the future 😊
@andreaslind6338
@andreaslind6338 9 ай бұрын
Found the bot.
@87gn199
@87gn199 9 ай бұрын
"Bell labs" building was abandoned for years. Some investors bought it and now lease out sections to other businesses.
@Matty002
@Matty002 7 ай бұрын
weve literally used cities for millenia and the fact that some people thought: 'actually cities bad' is HILARIOUS. especially thinking suburbs are the answer even though we know theyre ecologically destructive and a tax drain
@PhilipJFry-qh2jg
@PhilipJFry-qh2jg 4 ай бұрын
The cities were wrecked after civil rights era and the introduction of the welfare state from the later 1960s. By the 1970s, people were fed up. We're seeing this right now on the West coast, just takes a few years to catch up
@matteframe
@matteframe 25 күн бұрын
@@PhilipJFry-qh2jg except people aren't abandoning the cities on the west coast, they are moving in, and new housing is being built -- despite the problems (which can be fixed).
@PhilipJFry-qh2jg
@PhilipJFry-qh2jg 25 күн бұрын
@@matteframe Parisites are moving in with artificial (welfare) incentives. The organic, productive humans are leaving
@matteframe
@matteframe 25 күн бұрын
@@PhilipJFry-qh2jg productive citizens are moving in and buying the most expensive real estate in the country. You're ignorant.
@chronometa
@chronometa 20 күн бұрын
Well if the people in the burbs moved back to the cities good luck with that. Lol. Would be over crowded.
@andrewrawlings2756
@andrewrawlings2756 9 ай бұрын
I work in one of these in North Bethesda (but let's be real and call it Rockville). The office isn't that close to much, but there is a mixed use development planned about a block or two away. I think it's about 2000 residential units plus retail. The area is reasonably transit accessible, so it can work pretty well. In some cases, urbanization and mixed use near office parks can be a solution.
@economicdevelopmentplannin8715
@economicdevelopmentplannin8715 9 ай бұрын
Pike and Rose 🌹😊
@jyashin
@jyashin 9 ай бұрын
Assuming you're working off 355, that's because the area is dense enough that it's basically a city by US standards. This video is more about those office parks you'd see in Clarksburg or Poolesville.
@cashed-out2192
@cashed-out2192 9 ай бұрын
They are usually called, "Mixed-Use" properties. apartments, shopping, etc.
@alanruffin6473
@alanruffin6473 9 ай бұрын
Working in the burbs is soul-sucking. Car -> freeway -> fast food -> office with bad architecture -> home -> repeat, blah!!! Love working in the city lol! 🙂
@circleinforthecube5170
@circleinforthecube5170 4 ай бұрын
i don't think the architecture is bad, the urban planning is but most office parks have more architectural worth than the sea of bland millenial buildings
@stephenlight647
@stephenlight647 9 ай бұрын
Very good video. I think it is a stretch to link Thomas Jefferson to the generation of Office Parks, but interesting theory anyway. The issue for cities is that they seem intent on generating a chaotic environment, which is not going to increase their economic viability. The Generation after millennials is decidely anti-social, so that is going to be interesting to watch! No offices at all! Thanks for the video. I definitely worked the majority of my time in either these office parks or purpose built Corporate Offices. Not as dystopian an experience as some seem to think. But, hey, times and tastes change. The Millennials, with fewer or no kids, have outsourced the production of future taxpayers to foreign producers, which is certainly cheaper…. 😂
@jasonquigley2633
@jasonquigley2633 9 ай бұрын
I agree that singling out Jefferson is probably not correct, however it is true that there has been an "anti-urban" strain of thought in the English speaking world since the 19th century. See for example the Garden City movement.
@mlu007
@mlu007 9 ай бұрын
No thank you I will never work in an office park ever again. I worked in one of those hellholes for 4 years. The only palatable coffee shop was an 8-minute drive away. The two restaurants on the ground floor were too expensive to be considered a backup when I didn't feel like packing a lunch. Meeting friends after work was a logistical nightmare as most of them worked in the downtown core. Accessibility by public transportation was challenging even during rush hour. A one-way drive to work was 25 km. I liked my job but the inconvenience of the location eventually prompted me to look for a new job.
@bernardocastro1046
@bernardocastro1046 9 ай бұрын
"They couldn't have known" 🤣- best line
@dataportdoll
@dataportdoll 9 ай бұрын
So we have businesses surrounding office parks worried about not having a revenue stream, we have a low-income housing crisis that's rippling ALL the way upwards, and we have a lot of impending vacancies in these multi-storied buildings...this feels like an easy pivot that we will fuck up royally.
@JonDotExe
@JonDotExe 9 ай бұрын
1:00 "We should maybe root for the humble office park survival" ABsolutely NOT. Corporate real estate greed is part of what got us into this and it's not going to be what gets us out. They're already recalling the entire tech industry to city centers to offset the real estate problem under the guise of RTO facilitating better work. But this generation is no longer willing to bail out bad decisions by greedy boomers and we're all 100% here for it. If anything, office parks need to be converted into affordable living communes. But ya know, they'll never do that. So let it burn.
@patricknelson
@patricknelson 9 ай бұрын
Not sure I agree with the conclusion (or suggestion), but definitely an interesting video nevertheless. It _required_ a jolt like the pandemic to show people that, in modern times with desk/computer based jobs that working from home (along with maybe quarterly in-person get togethers) is often more than enough. It can boost productivity (more time, less commuting, safer) and overall quality of life. However, as your video outlines, given how society has acclimated to this infrastructure, it is putting serious pressure on the things that rely on that tax base. America’s sprawling “stroad” and strip mall riddled suburbia is rife with issues, not least of which are these increasingly empty corporate office complexes.
@itsmenotli
@itsmenotli 9 ай бұрын
This is a great video. Slightly contradicts companies push for employees return to office. There is a big lack of mindset change from people in leadership positions.
@fredc3543
@fredc3543 8 ай бұрын
I've successfully worked from my home office for > 30 years. Never going back to that ill-conceived construct of "down town," or suburbian "office park." NOR AM I willing to grind myself to death, so the boss can afford to by himself another new car next year. Not from my blood, sweat, and tears. Thank goodness for the internet.
@williambrennan5701
@williambrennan5701 9 ай бұрын
i can see the problem BUT this problem can be a solution. There's always been a problem with mult family housing in the suburbs. retrofit the closed office parks into apartments. I understand that it would be very expensive to do but you wouldn't have to build the entire building. The parking is already there Probably a bus stop is already there. They don't have to be five star apartments. I know that a lot of them would not pass certain criteria for windows that open or what have you. The apartments don't necessarily need their own washer and dryer You can install a laundry mat.. basically make them like college style apartments. with the prices the way they are People will not care . Those restrictions are simply laws that people have created and people can create exemptions for. Yes it may be a crisis to lose the office parks but we're in a housing crisis too. We may not always need office parks . We are talking about where office workers want to be like We are always going to have office workers.. 20 years from now we probably not need many office workers AI is going to do it. of the few office workers that will require a human very very few will require an office they will work from home. One thing that's not really debatable is everyone needs a place to live.
@mannyalejo772
@mannyalejo772 Ай бұрын
I live in South Florida and know a couple of people who live in urban areas and commute to suburban offices. Since this is the reverse of the usual traffic pattern, they seem to be quite happy with the lack of traffic congestion.
@josephcarriveau9691
@josephcarriveau9691 9 ай бұрын
Strange, the very last thing I want to do for a commute is drive into the city where I have to deal with all the city problems, like dramatically inflated prices, no parking but no shortage of traffic, and all the noise pollution. In the exurbs, I might get road noise twice/day during rush hours. In the city, I couldn't get away from packs of motorcycles cruising the streets, drunks being rowdy all night, people crowding up behind you at an ATM, trash and broken glass in the streets. Absolutely no regrets about leaving.
@Demopans5990
@Demopans5990 9 ай бұрын
Hence places like NYC implementing congestion tolling to combat the city traffic and noise NYC was very strangely quiet during 2020, which probably had something to do with the lack of cars anywhere
@castirondude
@castirondude 9 ай бұрын
Agree, my previous company was downtown. Everything super expensive, parking expensive. When we went to remote work all the projects went faster than ever before. But hey they got millions upon millions invested in the buildings so that's the main reason they went back to office. So they don't look stupid for having an empty building.
@ronen160
@ronen160 9 ай бұрын
in NYC and other cities, office buildings are being converted into mixed-use buildings: apartments, grocery, gym, daycare, retail, etc., mixed in at the ground level, with apartments above. in these office parks, landlords are going to have to re-configure and re-invent uses for these buildings. Knocking them down just fills garbage dumps
@circleinforthecube5170
@circleinforthecube5170 4 ай бұрын
also knocking them down would be a massive architectural waste, these office parks have nice looking buildings
@nopenotgonna175
@nopenotgonna175 9 ай бұрын
I bought a condo in a 1970s office/retail/residential complex. After 80% of the office space sat vacant for the better part of a decade, most of it is being converted into spaces zoned for commercial or residential. I would live in a loft in a former office building in a heartbeat. I’m hoping GenZ feels the same way. If this revitalization goes as planned then my community will be every bit the place I hoped it would be.
@Demopans5990
@Demopans5990 9 ай бұрын
Depending on location, some former office space might be able to survive through rezoning. I doubt there will many that would pass up a mini penthouse overlooking a lake if the price is right.
@circleinforthecube5170
@circleinforthecube5170 4 ай бұрын
as long as the original 1970s architecture is preserved, as a zoomer i dont want our entire cityscape to either be 1800s historical or millenial modernist architecture
@jeremiahthompson8836
@jeremiahthompson8836 9 ай бұрын
How about converting them into affordable housing? As things have gotten more expensive lots of people are downsizing. Some moving from a two bedroom to a one bedroom or even to a studio or even to a Rv to make ends meet. Square footage is like solid gold and these offices building sit empty whining about nobody wants them. People are frothing at the mouth for some square footage to live in, and grudgingly handing over thousands of dollars a month just to occupy minimal space space. Just throw some kitchens and some bathrooms in there and section it out. Relax, some of the zoning bullshit and make it affordable. People well love it. We live in a world where 70% of your income goes to rent. If it gets any worse, people are gonna start raining in the street and lynching landlords. And there it is millions of square feet Rotting away. while people work full-time live in vans down by the fucking river.
@valmarsiglia
@valmarsiglia 9 ай бұрын
Child of the 80s here (class of '87). I'm from New Orleans and was a kid when everyone was getting' the hell outta Dodge and heading for the 'burbs, so I wound up in both Metairie and Kenner, two of NOLA's main suburbs. I remember when those office parks were going up and how modern everyone thought they were. As a result, much of Metairie Kenner are now one extended agglomeration of strip malls and office parks, could be Anywhere, USA. Which is a shame considering how unique New Orleans proper is.
@CameronChandler-os3vi
@CameronChandler-os3vi 9 ай бұрын
This was a really cool video, I have lived and worked my entire life around office parks and never thought of it like this. The collapse of them could really have a great economic impact across North America. Thank you for making this video!
@micosstar
@micosstar 9 ай бұрын
came from youtube recommend man, morning brew makes great newsletter and content!
@valli6174
@valli6174 9 ай бұрын
This isn't really a problem. This is just an evolution. As many office buildings are loosing companies (clients), they are being developed into housing, which ironically could solve the housing crisis but it won't... as there is not will to do so (you know, because of greed and all that a.k.a capitalism).
@phaedrussmith1949
@phaedrussmith1949 9 ай бұрын
Yes, many people without a place to live, and many empty buildings with no one in them, but, you know, money.
@rickmossop3733
@rickmossop3733 9 ай бұрын
Of course many more people would lack housing without capitalism (which is the greatest eliminator of poverty the world has ever seen).
@phaedrussmith1949
@phaedrussmith1949 9 ай бұрын
@@rickmossop3733 No it isn't.
@rickmossop3733
@rickmossop3733 9 ай бұрын
@@phaedrussmith1949 Name a greater one.
@phaedrussmith1949
@phaedrussmith1949 9 ай бұрын
@@rickmossop3733 There's no evidence to support your assertion. In fact, the evidence is contrary to your assertion. Go read some more Ayn Rand. I won't play your game.
@MegaMaxAle
@MegaMaxAle 9 ай бұрын
they can probably transformed into homes that have some stores in the firs flores
@Kainae
@Kainae 9 ай бұрын
Unfortunately office to residential conversions are very difficult….and expensive!
@MegaMaxAle
@MegaMaxAle 9 ай бұрын
@@Kainae yeah i can imagine. But if financed correctly it could be a solution.
@Demopans5990
@Demopans5990 9 ай бұрын
@Kainae In fact, it's easier to do them the older the office building is, in general. If the building dates to a time before the open office, conversion can be a matter of running plumbing in the walls as everything else is probably already there.
@wayward03
@wayward03 9 ай бұрын
As a millennial, I really don't understand the push back to city centers. Quite literally crime ridden, trashy, expensive, and cramped.
@WTHenry2023
@WTHenry2023 9 ай бұрын
@wayward03 You are a wise millennial imo. I agree with your outlook. I grew up in the suburbs and loved them as a kid and still love them. Matter of fact, I am planning to relocate to a rural area in the near future. I find city centers unfriendly, claustrophobic, expensive, loud and dangerous. The push for re-urbanization is simple. City governments can harvest a lot more tax dollars from the tax paying "sheep" in high density areas; however, imo, the quality of life in high density areas is much lower than lower density areas. In addition, those high tax receipts are mis-managed and squandered in urban areas.
@Demopans5990
@Demopans5990 9 ай бұрын
Dating prospects are better in the city. Millennials are about the age where they are considering starting a family. Also, with cities, you can ditch the car and save ~10k a year, of which half would go to rent but eh Also depends on the city. Japan has the complete opposite problem of everyone moving into Tokyo and maybe Osaka, in many cases, leaving the rural areas to quite literally rot. Can't blame them, the job prospects outside of the few cities outside of farming is quite nil. Not to mention the lack of modern infrastructure out in the countryside
@TheSulross
@TheSulross 9 ай бұрын
yeah, all the major cities in the US have been driven into 3rd world dumpster fire status by the Democrats that run them. San Fransisco, Chicago, et al - these are the poster children of this Marxist suicide pact Most of America views these places as the insanely stupidest locales on the planet
@wayward03
@wayward03 9 ай бұрын
@Demopans5990 Fair point on jobs. I'd argue about dating prospects at least in America. About 90 fruit cakes at least in the 30 and below crowd. Also millennials are kinda late to be starting a family, most should have grown kids by now. Or at least close.
@wayward03
@wayward03 9 ай бұрын
@WTFoxtrot2023 Where I live, even though it's in the burbs, it's normal to have lots under 5000sqft. Pretty ridiculous coming from the country side. Gotta pay the bills though.
@RoboJules
@RoboJules 9 ай бұрын
Office parks are the perfect opportunity to create new dense, mixed use neighborhoods where people can live within walking distance of their job. They have a lot of prime, unused real estate in their parking lots just sitting, waiting to be redeveloped. The parking lots are almost never full, and have a lot of empty, extra space. If they redeveloped a small part of their land into a more compact multi-level parkade, it would fulfill both current and future parking requirements, allowing for the development of new offices, industrial warehouses, retail spaces, public pedestrian areas, and even mixed use residential buildings in a pleasant, walkable neighborhood. Given that these office parks are almost always near major highways are traffic arteries, they're in the perfect location to become transit oriented developments for a future BRT or Light Rail system. What may be stagnation and decay right now, could be an important tool to help solve the housing crisis, provide economic opportunities, and curb carbon emissions.
@chipcook5346
@chipcook5346 9 ай бұрын
Go,d I hated those. Hate those. I lived near some that were built in the 90s and never filled up. They were 2020 well before 2020. But I worked for Sprint which did the multi-billion dollar stupid campus. Every floor a cube farm. Just awful. And all my friends were so excited -- a dry cleaner, a daycare, a gym -- all on campus! I was thinking "most of you could evaporate right in front of me and I wouldn't care, so why would I want to spend even more time with you?" Plus, the campus looked like something out of Logan's Run.
@chiefenumclaw7960
@chiefenumclaw7960 9 ай бұрын
"most of you could evaporate right in front of me and I wouldn't care, so why would I want to spend even more time with you?" 🤣😂😅 Never change, @chipcook5346... never change.
@DamascusHarris
@DamascusHarris 9 ай бұрын
This article also skips the inner city gentrification that was starting in the eighties and picking up speed in the 90's and 2000's . Gen X and retiring Boomers, tired of their power going out every time it rained, started realizing that property in the city could be bought cheap, improved upon, and bought with the proceeds of selling their suburban homes to those arriving in the 80's and 90's. The Millennials may have accelerated the trend for sure, but it was already WELL underway by the time they were adults.
@frederickcampana5717
@frederickcampana5717 9 ай бұрын
While it is true city budgets will be missing tax revenue that just means they need to tighten the budget and get rid of the waste spending. We all know it is there and it can be done. Some mutual funds that carry a lot of reits will be hit. Pensions are on a house of cards regardless. Finally the video failed to mention a lot of business parks and roadside retail shopping centers are owned by old money trust fund babies. Hence why there are a shit load of business parks and supply of people in your community that you never see working always have the latest and greatest car, big house, and vacations everywhere. Let it fail. Some parks will go into decline or bankruptcy, some will be converted to other things, and some will go vacant. Do not bail out the rich again!!!!!! We have to adjust instead of say what about stocks, pensions, property taxes, ECT. This is just a cover up to bail out the rich.
@nole8923
@nole8923 9 ай бұрын
Well, suburban office parks were better than forcing employees to commute from their homes in the suburbs to office buildings downtown. I was forced to do that right before covid and thank gawd covid ended that stupidity and now I work 100% from home. But, if there was an office park near where I live I wouldn’t have a problem commuting to it. Anything is better than forcing people to drive all the way into downtown. Anything. As a caveat, New Jerseys real problem is nobody wants to live in or move to New Jersey. The Sun belt is still where people are migrating to. Particularly places like Texas, Florida, South Carolina, and Tennessee. New Jersey simply has a bad reputation for being dirty, polluted, crime ridden, and cold nasty weather.
@fragdude
@fragdude Ай бұрын
As someone who worked at UBS in Stamford in 2013 & 2014 I can tell you that the headquarters were still in Stamford (there was also the building in Manhattan, but main ops & the trading floor was still in Stamford). There was talk of moving to the City proper (easier to attract the best talent for parts of the business, trading operations would be closer to the main exchange & thus faster. But for other aspects, like asset management/the hedge fund-y side of the business being in Stamford was still also an advantage), but last I heard before I left was that Stamford had made a very favorable tax offer to UBS to remain in Stamford. Heck I remember that CT was offering young couples nice incentives (possibly even in cash? But I think it was tax rebates) for moving out to CT to start their families.
@mynameismaxdowis
@mynameismaxdowis 9 ай бұрын
@4:56 if you're going to try to mask a current San Francisco skyline under a "70s vintage" filter, try to make sure the gigantic Salesforce tower isn't part of it.
@kapilchhabria1727
@kapilchhabria1727 Ай бұрын
4:11 conveniently skipping over white flight and segregation and red lining eh?
@AlastorKrieger
@AlastorKrieger 6 ай бұрын
No, continuing to support an inefficient suburban model that should have never been built is the definition of the sunk cost fallacy.
@theprecipiceofreason
@theprecipiceofreason 6 ай бұрын
right? what are we going to do with this arm-severing machine if we don't keep putting our arms into it?
@matthew.m.stevick
@matthew.m.stevick Ай бұрын
In 2005 I started a week out of graduation from Villanova at Merrill Lynch, starting at the home office of operations globally, a absolutely huge and beautiful campus in Pennington, New Jersey. This was 3 years before the financial crisis and Merrill Lynch was not owned by a bank yet and was making money hand over fist with subprime mortgage backed securities. We were the kings and it was awesome. I stayed at Merrill Lynch for another 10 years but of course after Bank of America took over starting in 2009 it was never the same. Bank of America sold the property in the largest real estate sale in New Jersey history. Time goes by. I turned out rich at least by 40.
@fightsports66
@fightsports66 Ай бұрын
Thumbs up just cause I like to read stories like this.
@JRay2113
@JRay2113 4 ай бұрын
You’re missing one HUGE contributing factor… the expansion of the US highway system.
9 ай бұрын
The obvious answer is to repurpose the office parks into affordable housing and ground level shops and serviced. The projects would create plenty of job save the real estate companies and investment funds, and combat an unbelievably bad homelessness crisis for a developed country. Win-win-win. And while at it, turn these ridiculously huge parking lots into bus stops and train stations. Couple of extra dollars to make it nice as well as profitable.
@pepperonish
@pepperonish Ай бұрын
I had a scary off the record conversation with a commercial real estate guy the other day saying that a lot of buildings in Seattle are probably going into forbearance in 2025
@edm2822
@edm2822 4 ай бұрын
Many WW2 veterans grew up in poor conditions in big cities. They welcomed a yard and home to call their own. Still today, many parts of cities aren’t great.
@Peaceforall20111
@Peaceforall20111 Ай бұрын
I get your point about wanting them to survive, but that’s no different than not wanting progress I understand the issues that it will have I work in one of those buildings and now I work from home The amount of gas money that I have saved for my family is beyond imaginable. I’ve been able to help my kids in their school while I worked from home Again, I get the frustration with the property taxes, but industries die And I say that, knowing that one day, I will likely be affected, but the reality is still the same
@pointlesscine
@pointlesscine 4 ай бұрын
Just because Thomas Jefferson (famously) espoused a pastoralist philosophy in the early 1800s doesn't mean the office parks of the mid-20th century are a direct or even indirect consequence of that philosophy. You can probably find vague explanations for pretty much any American development in the thousands of writings of its key historical characters. Without a convincing line of causality, though, this is just confirmation bias. There's an unhealthy need in US public discourse to make things poetic by shoving a founding father into a story that really doesn't need one. Seems like office parks are much more reasonably explained by suburbanization and a search for more cost-effective space in the post-war boom.
@prophetessoftroy
@prophetessoftroy Ай бұрын
My level of sympathy is about as low as my excitement about being a member of the generation continually forced to clean up boomers’ messes and blamed for killing xyz industry that should have died off naturally long ago.
@michaelfisher1931
@michaelfisher1931 4 ай бұрын
Tax Base? It's been shown that suburbia, including office parks and shopping malls *can't sustain itself*. There's not enough revenue to actually pay for the upkeep of all the infrastructure it takes build out that nonsense. Houston (latest example in the news) is going broke because it can't afford to fix just the roads, never mind when it comes time to start replacing water main or sewer lines . . . which run under roads which will need to be completely repaved or at least massive repairs made when the lines are replaced. The car centric suburb, strip malls, single family homes, office parks and all will strangle on itself.
@johnstraley9057
@johnstraley9057 9 ай бұрын
Office Parks are quickly giving way to sprawling warehouses.
@pace1195
@pace1195 9 ай бұрын
Really, Thomas Jefferson? These were the 20th century version of 19th century company towns. Instead of physical labor corporations like mining, construction, or forestry; these became intellectual and distributional hubs provided by usually a single company under a roof. Even the highest level of this concept in big tech in the bay area of California are their own insulated communities where employees transport in, eat meals in house, and then get shipped back out from company headquarters each night. If there was on-site housing in Silicon Valley HQ campuses, it would literally be a company town. These suburbs are already in soft default. Putting that much infrastructure toward a single revenue source is unsustainable. Every little city on the outskirts can't provide value to a fortune 500 company while losing money and try to make it up in volume. That's not how economics works. The competition is too great out there. The trade-off is between diversified cities with bad cultures or cultured company office parks with unstable revenue sources. One will survive much longer before meltdown.
@phuturephunk
@phuturephunk Ай бұрын
I live in the very inner of the inner rings of NYC burbs and these places are dying on the vine. And I get it, too. The campus type building inventory is all soulless, sterile and generally uninteresting.
@zachydrogeo
@zachydrogeo 9 ай бұрын
Who else works in a soulless office building in northern NJ?
@davidjordan2336
@davidjordan2336 9 ай бұрын
The explanations offered here don't make a lot of sense to me. Young unattached people have always preferred the bustle of the big cities, but then tended to move out to the suburbs when starting a family. Priorities shift away from personal amusement to finding a safe and nurturing environment for young children. So there's nothing really different about the Millennials, except perhaps a reluctance to have families. (And that's a much bigger problem than issues with office parks). And workers tend to go to where the jobs are, rather than the other way around. I have difficulty believing that large numbers of workers simply refused to work in an office park, particularly in fragile economic times. And since rents are so much higher in cities, a company would really need a very good justification for such a move. While the superior cultural environment of the city would appeal to the high-end workers who can afford to live there, it would be a big hardship to the rank and file, who are having enough trouble making ends meet as it is. The examples given were corporate headquarters, which are likely heavily populated with high-salaried workers. But I think it would be much more difficult to relocate an office where the actual work is getting done. I suspect that this has much more to do with the twin Progressive policies of moving industrial production to China and increased density urbanization. Losing the industrial base started a general hollowing out of the economy, and with it a lowered need for office space as more and more companies went out of business. And new regulations aimed at forcing people back into the cities are making it harder and harder for low density development of any kind.
@McMillanScottish
@McMillanScottish 9 ай бұрын
You talk about cities like they are places that people used to not wanna go but now they really want to go to. I left Illinois because of cities. I refuse to live in a city with more than 20,000 people. Why? Personal damage. People move to cities for government help. I wanted LESS of that.
@Hducki
@Hducki Ай бұрын
Ummm they are empty and still asking insane rents its makes more sense to drive farther for smaller office space. most used to be nice most are just rotting old buildings and out of date even rent spaces in a empty parking lot??
@kyle857
@kyle857 2 ай бұрын
That first area you showed with the highway is Southfield Michigan near Detroit. I live nearby. Made me chuckle.
@jacoblance5747
@jacoblance5747 9 ай бұрын
Convert them to housing. Even if all they can manage is a bunch of studio units that are weirdly shaped like offices. Millennials and the generations that follow are/will be facing a housing shortage and Biden's solution to stimulating these kinds of situations was begging companies to end wfh; the single biggest increase to qol millennials have ever known. Instead of begging people to suffer for the good of the retirement funds that we won't see, they should just cut their losses and build more damn housing.
@AlesandroOrtiz
@AlesandroOrtiz 9 ай бұрын
9:08 "😔 they couldn't have known" I feel sorry for them too, terrible timing for that article. 😂
@ryanedgerton1982
@ryanedgerton1982 9 ай бұрын
Rework office parks to be residential spaces, and if necessary change zoning and housing laws to accommodate. These places were already designed to be inhabited by large numbers of people, so in practical terms retrofitting them into apartment centers shouldn't be all that difficult. It's that, or let them sit idle / get demolished. At least if they're used for housing it'll (ONE) help reduce the housing crisis we're facing, (TWO) keep those local businesses afloat better, and (THREE) prevent the buildings from simply going to waste. As a nation, we need to start matching resources to needs and not put so much damned importance of whether it turns a profit or not. Seriously, profit margins do not a stable society make -- and nobody will be able to buy goods and services if society collapses. These buildings could be doing so much good -- are we really just gonna let them rot because someone can't make it look good on a balance sheet??
@circleinforthecube5170
@circleinforthecube5170 4 ай бұрын
i think they should do something to atleast preserve the architecture of the office park, even if they are outdated its unfair to wipe our architecture because the parking lot around it and not everyone is going to want the cityscape to boring millenial minimalist buildings
@ryanschauer2888
@ryanschauer2888 Ай бұрын
I’m not guaranteed a job, why should these investments have a guaranteed ROI?
@pcpholt2012
@pcpholt2012 9 ай бұрын
The office job is a thing of the past.
@zachydrogeo
@zachydrogeo 9 ай бұрын
I wonder millennials don’t want to spend 50 hours a week with giant parking lots, gray carpet, and bathroom stalls where you can tell who’s using the toilet by their shoes.
@skybluskyblueify
@skybluskyblueify 9 ай бұрын
Commuting/climate change?
@AllenGraetz
@AllenGraetz 9 ай бұрын
Give us something meaningful to back the repeated claim that "youngsters" will only work in core city offices.
@tabbycat8511
@tabbycat8511 9 ай бұрын
Excellent, informative report. Shows how America is not Europe and likely never will be.
@castirondude
@castirondude 9 ай бұрын
Even as it is it's already way too European. And I'm saying that as a European who lives in the USA.
@cloudyview
@cloudyview 9 ай бұрын
I live near Eagan - there's about 100k sq ft of office park less than a mile from me that's just wrapping up build out.... Can't help but question why they're building that right now
@danlowe8684
@danlowe8684 9 ай бұрын
I believe it is something that this video did not touch on. Big cities with crime explosions - such as Minneapolis. The companies that cannot get employees back to work in their city offices, because of crime, are moving to suburbs, again. They are finding bargain rate rents/leases (due to the reasons outlined in the vid) and low crime rates.
@mrcarterxxl
@mrcarterxxl 9 ай бұрын
I don’t see a problem, thats an opportunity for more housing in north jersey, that is much needed. Most of those buildings are empty because most people rather work from home. 😅 outside from those people who feel like going to the office is a part of their social life.
@morganestberg7819
@morganestberg7819 Ай бұрын
Why is not a possibility to alter these buildings into livable apartment buildings?
@42Core
@42Core 9 ай бұрын
Instead of propping up outdated business models, repurpose those office parks as housing or commerce, or mixed use of both.
@Zoulstorm
@Zoulstorm 9 ай бұрын
Relax, rezoning to mixed use then building transit and housing instead of giant parking lots and freeways will fix it.
@MattBarnes-r3c
@MattBarnes-r3c 9 ай бұрын
I live downtown in a major city, the homeless situation has gotten out of control and crime has gotten worse. I think this video fails to recognize how much urban crime improved in the late 90s, which made moving back to urban centers appealing again. Even if violent crime doesn't get close to 1980s levels, the perception is things are trending in the wrong direction and that will help keep these office parks alive.
@arney444
@arney444 9 ай бұрын
Finally, the ONLY sober voice among infantile idiots....
@chipcook5346
@chipcook5346 9 ай бұрын
These could go the way of malls. For big examples, the Great Mall of the Great Plains rose up and was removed, parking lot included, in less than twenty years. Or the Mall of Memphis, which was truly special, from opening to close, just over twenty-two years.
@joe_hoeller_chicago
@joe_hoeller_chicago 9 ай бұрын
Level them and turn them into green spaces. It’s cheaper for everyone to work from home.
@guykrawinkel4500
@guykrawinkel4500 9 ай бұрын
Didn’t realise Thomas Jefferson was a Proto-suburbanite
@nraketh
@nraketh 9 ай бұрын
lol, plenty of corruption in the countryside. People are people wherever they live.
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