<shitsnip>
https://www.msn.com/en-us/money/realestate/denver-office-buildings-sell-for-3-2-million-more-than-90-less-than-their-estimated-value-six-years-ago/ar-AA1EIYjE
Two downtown Denver skyscrapers recently sold for just $3.2 million,
more than 90% below their estimated 2019 value of approximately $200
million, highlighting the dramatic decline in commercial real estate
values following the COVID-19 pandemic.
Developer Asher Luzzatto purchased the buildings at 621 and 633 17th
Street on April 1 and plans to convert them into more than 700 apartment units.
"These buildings were probably worth close to $200 million in 2019,"
Luzzatto said. "I think that's reflective of where the office market is today."
The drastic devaluation reflects a fundamental shift in Denver's office
real estate landscape as remote work continues to reshape office space
needs more than five years after the pandemic began.
"Everybody went home," said Jeff Peshut, Assistant Professor of Finance
and Director of Real Estate Program at MSU Denver. "Things began to
return to normal, unless you were the owner of an office building."
Dark Brandon wrote this post while blinking in Morse code:
<shitsnip>
https://www.msn.com/en-us/money/realestate/denver-office-buildings-sell-for-3-2-million-more-than-90-less-than-their-estimated-value-six-years-ago/ar-AA1EIYjE
Two downtown Denver skyscrapers recently sold for just $3.2 million,
more than 90% below their estimated 2019 value of approximately $200
million, highlighting the dramatic decline in commercial real estate
values following the COVID-19 pandemic.
Developer Asher Luzzatto purchased the buildings at 621 and 633 17th
Street on April 1 and plans to convert them into more than 700 apartment
units.
"These buildings were probably worth close to $200 million in 2019,"
Luzzatto said. "I think that's reflective of where the office market is
today."
The drastic devaluation reflects a fundamental shift in Denver's office
real estate landscape as remote work continues to reshape office space
needs more than five years after the pandemic began.
"Everybody went home," said Jeff Peshut, Assistant Professor of Finance
and Director of Real Estate Program at MSU Denver. "Things began to
return to normal, unless you were the owner of an office building."
Are the empty offices now used for troll farms? Are you working in one?
:D
No, trolls now work from their mother's basements for free, thanks to
Dr. Fauci's weaponization of a bat virus.
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