Work from Home and the Office Real Estate ApocalypseIndian Rupee
成果类型：
Article
署名作者：
Gupta, Arpit; Mittal, Vrinda; Van Nieuwerburgh, Stun
署名单位：
New York University; University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; Columbia University; National Bureau of Economic Research; Centre for Economic Policy Research - UK
刊物名称：
AMERICAN ECONOMIC REVIEW
ISSN/ISSBN：
0002-8282; 1944-7981
DOI：
10.1257/aer.20231619
发表日期：
2026-02
页码：
674-709
关键词：
摘要：
We show remote work led to large drops in lease revenues, occupancy, and market rents in the commercial office sector. We revalue New York City office buildings, taking into account both the cash flow and discount rate implications of these shocks, and find a 46 percent decline in long-run value. For all US office markets combined, we find a $556.8 billion value destruction. Higher-quality buildings were buffered against these trends due to a flight to quality, while lower-quality offices are at risk of becoming a stranded asset. These valuation changes have repercussions for financial stability and local public finances. (JEL E31, E32, G12, J22, M51, R33)
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