https://fortune.com/2023/08/03/michael-bloomberg-billionaire-return-to-office-federal-agencies/
Empty offices are a problem that could result in another run on the banks, some economists have warned, with swaths of new office buildings financed on short-term loans with no leases taken out to pay for it. Morgan Stanley estimates that $1.5 trillion in commercial real estate loans are due to be repaid by 2025.
With 176 offices across the world—some of which cost more than $1 billion to build—it’s perhaps not a surprise that Bloomberg is keen to get his own staff back through the doors, a sentiment echoed by JPMorgan CEO Jamie Dimon.
Even if covid was gone (it isn’t), wfh made me realise that seasonal colds and flus aren’t a necessity. Like they’re just an inconvenience for the most part, but they’re an inconvenience that can mostly be avoided at almost no cost. Actually, a negative cost if you account for rent and commuting costs.
The cost is