Will the pandemic reduce construction of office skyscrapers long-term

[Via Chicago]

"Its different this time!"

[iheartthed]

Originally Posted by austlar1

I have a sinking feeling that the office building boom is over for a good little while, but that's because I believe we are on the precipice of a real depression rather than a simple recession. I just hope the buildings currently under construction (office and residential) are completed. It would be morale busting to look at stalled out partially completed buildings. They were a common sight in the early years of the Great Depression. Even construction on the Empire State Building was halted for a year or so. Ditto Rockefeller Center.

I agree with this comment. We are heading into something that none of us have ever witnessed before in an advanced economy.

[Obadno]

Originally Posted by Via Chicago

"Its different this time!"

With all the closures and lack of spending in March alone will be enough to tank 2nd quarter growth.

However if the virus starts to subside in the summer you will see spending and growth snap back in a big way.

The economy excluding the virus panic is still good, so this is an unfortunate temporary state of affairs.

[iheartthed]

Also, being forced to work remotely is absolutely terrible. Once the dust settles, I bet a lot of people will drop the romanticism of it, so I don't expect behavior to dramatically change. I was forced to do it for three weeks after Hurricane Sandy and hoped I'd never be forced to do something like that again. But here we are...

[dubu]

its cheaper renting cars then buildings and the us has so many cars and parking lots. maybe japan was on to something. Japan is increasingly renting cars for everything except driving.
https://thenextweb.com/asia/2019/07/...xcept-driving/

[Handro]

Originally Posted by iheartthed

Also, being forced to work remotely is absolutely terrible. Once the dust settles, I bet a lot of people will drop the romanticism of it, so I don't expect behavior to dramatically change. I was forced to do it for three weeks after Hurricane Sandy and hoped I'd never be forced to do something like that again. But here we are...

Depends on the job. I've had jobs where I didn't mind going into the office, and preferred it to sitting alone at home all day. I've also had jobs where the commute was not worth the work environment, and relished any and all opportunities to work remotely.

I'm less optimistic about the economy than I was last week. The forced closure of many restaurants and bars, the stories of empty movie theaters, airlines cutting service by 50%... does that really bounce right back? How many businesses aren't going to make it a month or two with few or zero customers? What about the millions of workers that don't know how they are going to pay rent or buy groceries next week? This is crazy. Has the government announced any kind of help yet? I've heard lots of ideas but nothing seems to happening...

[The North One]

Originally Posted by Obadno

With all the closures and lack of spending in March alone will be enough to tank 2nd quarter growth.

However if the virus starts to subside in the summer you will see spending and growth snap back in a big way.

The economy excluding the virus panic is still good, so this is an unfortunate temporary state of affairs.

Yeah, I mean this virus is literally the only thing causing all of this. If summer does indeed slow it down everything is gonna snap back.

[Obadno]

Originally Posted by The North One

Yeah, I mean this virus is literally the only thing causing all of this. If summer does indeed slow it down everything is gonna snap back.

I dont think it will slow down because of summer, I just expect that by summer we will be past the crest of the wave or at least have a better idea of how this thing will play out.

Once people understand the path forward things will begin to normalize. Right now the biggest issue is all of the unknown.

Schools are closed, some cities are fully shutting down. For how long? Weeks? Months?

Thats what has the market in free fall.

[austlar1]

Originally Posted by montréaliste

Nah, sorry. Both the ESB and the Rockefeller Center rammed through the early days of the depression. The ESB was built in 13 months and the Rockefeller was built in many phases but never halted for extraneous circumstances.

You are correct.

[mrnyc]

well as far as current projects i saw some are still working as of today anyway. this morning i ran by the barry diller pier project and the new google hudson square offices site and all the work was still going on full blast. i guess they figure in construction they are outdoors and wearing gloves and masks and all that.

we'll see.

[atlantaguy]

Originally Posted by The North One

No, most people don't like working from home in the first place or can't for certain reasons and are less productive or dont have all the tools they need.

The mass work from home idea has been a thing for how many decades now? Corona ain't changing this.

Um, no. This 'less productive' meme is total BS. My entire Team works remotely from San Diego, and have been doing so for over 7 years now. We are the 2nd most productive Team Company-wide, and run circles around the office-based folks.

[The North One]

I'm sure it works fine for the select few but anecdotes are worthless. The vast majority of people don't work from home for real reasons. Mass home working would have happened ten years ago if it was so seamless.

Also working remotely isn't synonymous to working from home.

[atlantaguy]

Originally Posted by The North One

I'm sure it works fine for the select few but anecdotes are worthless. The vast majority of people don't work from home for real reasons. Mass home working would have happened ten years ago if it was so seamless.

Also working remotely isn't synonymous to working from home.

We all work from home, and anecdotes are not worthless. You are obviously spouting off as usual about things you know nothing of.

[The North One]

You're obviously acting immature and aggressive completely unprovoked as usual. uhh maybe it is better you work from home.

Anyway the corporate office market will implode at the same time universities and public schools go abandoned in favor of online classes. There is a certain importance and value in physically being somewhere and doing something in person and connecting in person that cannot be fully replaced, economics is a social science after all and it requires that people meet. Only about 5% of the population work fully from home in the age of instant communication at our literal fingertips all the time, and that percentage has already kinda plateaued. I don't see it changing much.

Hybrid type work situations are obviously already prevalent though. And I'm not so sure it's a good thing.

[destroycreate]

I worked from home for 8 months last year for a job and ended up hating it. I'm a total extrovert, and as long as the culture of a company is good, really enjoy being with my teammates in a different environment. My most recent company offers a very fun, collaborative, comfortable office. I miss it already.

[CVG]

The company I work for is around 35% work from home (including myself) and they are looking to decrease that amount. There is a concern about losing your company culture when too many employees work from home. The random conversations and relationships that are built in person can be more beneficial than the increased production many see from home.

[chris08876]

Originally Posted by atlantaguy

Um, no. This 'less productive' meme is total BS. My entire Team works remotely from San Diego, and have been doing so for over 7 years now. We are the 2nd most productive Team Company-wide, and run circles around the office-based folks.

Remote working IMO is better. Less distractions, less office politics bullshit, less type-a people looking over your shoulder and all that rubbish.

In some cases, remote working is way more productive and stress free.

[chris08876]

Stop all construction in NYC now: Brooklyn City Council member urges suspension of activity during coronavirus outbreak

Build, baby, build — but not in a pandemic.

Brooklyn City Council member Carlos Menchaca is calling for a moratorium on construction work citywide, in what would be one of the most significant industry-related disruptions since the beginning of the coronavirus outbreak.

“I’m calling on the moratorium of all construction site work in NYC,” tweeted Menchaca, who represents District 38 including neighborhoods such as Sunset Park and Red Hook. “Again, we are putting workers in danger.”

His calls for suspension of all construction were echoed by Council member Brad Lander, who represents District 39 and is the Council’s Deputy Leader for Policy.

“It is essential right now to build new hospital capacity,” Lander tweeted. “It is NOT essential right now to build new condos.”



[...]


The calls follow Boston’s announcement Monday that all construction projects would be halted, the first move of its kind in a major American city in response to the rapidly spreading virus.

As of Monday afternoon, New York’s Department of Buildings did notify active construction sites this weekend to follow the latest guidance from the city’s Department of Health on the spread of the coronavirus, but it has not shut down the industry.

“We will continue to closely monitor the situation,” DOB spokesperson Andrew Rudansky said in a statement, “and will issue further guidance to the industry as needed.”

===================
TRD

[mhays]

A team of people who self-select WFH positions and have good home set-ups can be more productive, if their jobs aren't too reliant on meetings and the personalities work. They need to be self-starters or mission-driven, and relatively independent. For example having side-by-side monitors is a huge productivity difference in my case.

The average group from the average office doesn't have those things to the same average degree.

[JManc]

Originally Posted by Via Chicago

"Its different this time!"

The pandemic was a black swan event Goldman Sachs clearly weren't taking into account.

Originally Posted by chris08876

Remote working IMO is better. Less distractions, less office politics bullshit, less type-a people looking over your shoulder and all that rubbish.

In some cases, remote working is way more productive and stress free.

I worked from home when I was with a U.K. consulting firm for almost 10 years. I was highly productive at first but started getting more and more distracted as years went by. I worked out a lot and was in best shape during those years.