America’s Downtown Ghost Towns
What Next: TBD | Tech, power, and the future
00:00
The Fragile Situation in Downtown Office Buildings
Offices make up about 20% of the property tax rolls in New York City. Even though demand has dropped a lot for downtown office space, there are many companies that are still holding onto leases. In Los Angeles, office towers have on average $230 in debt per square foot. The owners owe more money to the bank than the actual building is worth. And so that creates a situation where owners, they're going to stick around.
Play episode from 07:16
Transcript
