Offices will be completely redesigned. Obviously, most office workers found a way to work from home this summer. Employers are realizing that tele-commuters were efficient and with redesign, operations could continue the same or better than when everyone came to a centralized office. So, I predict that the ratio of square footage to office workers is going to shrink dramatically and that office tenants are going to start downsizing when their leases become due. I predict a 50% shrinkage is office space per company over the next 10 years. That means that every law firm in downtown Louisville is going to move to half of their current office space, which means big savings to the company since rent is a huge expense. This will force office building owners to get more creative and perhaps start moving individual floors to residential units or short-term rentals.
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