Скачать или смотреть The Next Economic Time Bomb: Suburban Office Parks

Suburban Office Parks as Economic Risks: Suburban office parks, once a booming real estate sector, are now seen as potential economic liabilities. Many leases signed before 2020 are nearing their end, and companies are increasingly leaving these spaces. This exodus could spell disaster not just for the property owners but also for retirement and pension funds invested in commercial property, as well as towns reliant on property tax revenue from these offices.

Historical Context: In the latter half of the 20th century, especially during the 1980s, there was a construction boom in suburban office spaces. This shift was marked by a decrease in the percentage of office space in central cities from 74% in 1979 to 58% in 1999. The square footage of suburban office space increased by 279% between 1979 and 1989, far outpacing the growth in central cities.

Economic and Social Factors: The construction boom in the 1980s was fueled by a combination of economic growth, easy credit, and tax incentives provided by the Economic Recovery Act of 1981. Suburbs were preferred due to available space and the perception of cities as undesirable. This led to a proliferation of office parks in suburban areas.

Shift in Preferences: Millennials, unlike the previous generation, have shown a preference for urban centers over suburban settings. This shift has impacted the demand for suburban office spaces. By 2005, office vacancy rates were lower in downtown areas compared to suburbs, and the 2010 recession hit suburban businesses hard, exacerbating the issue.

Impact on Surrounding Businesses and Tax Revenue: The presence of suburban office parks had allowed for the growth of surrounding businesses like retail stores, restaurants, and gyms. Their decline not only affects these businesses but also reduces the tax revenue for local communities.