Abstract
Working from home resulted in a sharp contraction in office demand. We built a valuation model to find that the office stock lost about 45% in value. More for low-quality buildings and in cities with a larger IT sector and less for trophy buildings. We discuss the implications for mortgage lenders and the vitality of cities.
Full Citation
Gupta, Arpit, Vrinda Mittal, and Stijn Van Nieuwerburgh. “Working From Home and the Office Real Estate Apocalypse.”
American Economic Review
(Forthcoming).