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Companies need less office space than they used to, thanks to the work-from-home revolution—yet they’re spending record amounts of money on office construction.
In the middle of West Street, a one-block stretch between the Boston Common and Downtown Crossing’s main drag, sit two conjoined, nondescript buildings that encapsulate the current struggles of the downtown office market.
A pair of office buildings in downtown Boston recently sold for a quarter of what they fetched seven years ago — a warning of the possible distress facing much of the city’s older, less full office stock.
Developers have settled on aiming for either magnetic metroburbs or teardowns and creative destruction — and little in between.
The Census reports that construction of multifamily homes, like apartment buildings, was up about 25% year-over-year.