North Texas has a glut of office space. As companies adjust to hybrid systems of home/office work, that space is going to have to be converted or town down....
This paring of retail from 2010 to the pandemic created an equilibrium and allowed retail to bounce back. Significantly, the location and supply of retail has changed to meet shifting patterns brought on by the internet. Retail has shifted to restaurants and services, rather than goods that can just as easily be delivered by an Amazon truck.
Downtown prewar era buildings that have significant windows will still be converted. They may require tax credits or other methods of governmental aid, but it can be done. The market will favor first movers. Cities that act boldly will see conversions happen. Others will be left behind with the equivalent of an outlet mall, wilting for everyone to see.
People will think that where they live is immune to this. It is not. It’s coming and it will be part of the price to be paid for people wanting to work at home.published by the Social Science Research Network, professors at Columbia University and NYU noted, “A decline in office and adjacent retail real estate valuations may activate a fiscal ‘urban doom loop’ that lowers the quality of life for urban residents and worsens the business climate.”The doom loop may be even worse in Dallas.
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