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Metropolitan DC Local Politics
Reply to "Real talk about the city’s economy, federal buildings leases, and telework impacts"
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[quote=Anonymous][quote=Anonymous]The WaPo article shows that the in-person work rate downtown is just 45%. And even if Feds come back to the office, that doesn’t mean law firms etc will continue to lease at the same rate, which is probably a bigger deal from a property tax revenue perspective. https://www.washingtonpost.com/dc-md-va/2023/01/27/downtown-dc-office-buildings-remote-workers/[/quote] This article demonstrates why putting all the eggs in residential conversion is a pipe dream. “$4,000 and $5,000 a month for two-bedroom apartments and between $8,000 and $10,000 a month for three bedrooms.” So maybe this one building is going to be able to collect those rents to recoup their costs. There’s no way that can scale to 15,000 residents and imagine 100,000. [/quote]
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