The Real Estate Roundtable, a group including major real estate firms such as Brookfield Properties, Blackstone, Empire State Realty Trust, Starwood Capital, as well as multiple major banks and CRE professional organizations, recently sent a letter to President Joe Biden on the implications of remote work within the federal government.
The roundtable expressed concern that the work-from-home trend in government would upset the commercial real estate industry in the Washington D.C.-area along with the local economy. “We … respectfully urge you to direct federal agencies to enhance their consideration of the impact of agency employee remote working on communities, surrounding small employers, transit systems, local tax bases, and other important considerations, along with the direct effect on governmental service delivery and labor productivity,” the letter reads. “In addition, we ask for your support of legislation to facilitate the increased conversion of underutilized office and other commercial real estate to much-needed housing.”
The roundtable’s action came after a General Accounting Office report from September said that based on a survey most agencies were planning significant reductions in the space they use.
Empty buildings lead to reduced economic activity in the form of less foot traffic to restaurants, stores, and entertainment venues. This in turn means less money for taxes that pay for city services and infrastructure. This downward spiral also leads to falling property valuations.
One option to halt such an economic slide, the roundtable wrote, would be to expedite conversions of under-used office space to housing, which is in short supply in many urban regions including the nation’s capital.
Related Stories
Building Team Awards | Jun 13, 2017
Government campus reimagined: Intelligence Community Campus
Building Team converts 1940s campus into a sleek, modern home for U.S. intelligence agencies.
Building Team Awards | Jun 7, 2017
Justice league: United States courthouse
Gold Award: The Building Team for L.A.’s newest courthouse went way beyond what was expected.
Cultural Facilities | Dec 14, 2016
Institutions aggressively targeting private donors to fund construction projects
Capital campaigns abound, even though government financing still plays a vital role.
Government Buildings | Dec 1, 2016
Unlocking innovation in the government workplace
Government work settings ranked the lowest in their effectiveness across the four work modes: focus (individual) work, collaboration, socializing (informal gathering that fosters trust and teamwork) and learning.
| Sep 1, 2016
COURTHOUSE GIANTS: A ranking of the nation's top courthouse design and construction firms
DLR Group, NBBJ, Hensel Phelps, Sundt Construction, AECOM, and Dewberry top Building Design+Construction’s annual ranking of the nation’s largest courthouse sector AEC firms, as reported in the 2016 Giants 300 Report.
Cultural Facilities | Aug 27, 2016
Yellowstone Park Foundation receives $1 million donation from Toyota
The money will support new eco-friendly and efficient buildings on the park’s Youth Campus.
| Aug 18, 2016
LOCAL GOVERNMENT GIANTS: A ranking of the nation’s top design and construction firms in local sector work
HOK, Stantec, Turner Construction Co.,Clark Group, AECOM and STV top Building Design+Construction’s annual rankings of the nation’s largest local government sector AEC firms, as reported in the 2016 Giants 300 Report.
| Aug 18, 2016
STATE GOVERNMENT GIANTS: A ranking of the nation’s top design and construction firms in state sector work
CannonDesign, Stantec, Turner Construction Co.,Mortensen Construction, WSP | Parsons Brinckerhoff and AECOM top Building Design+Construction’s annual rankings of the nation’s largest state government sector AEC firms, as reported in the 2016 Giants 300 Report.
| Aug 18, 2016
FEDERAL GOVERNMENT GIANTS: A ranking of the nation’s top design and construction firms in federal sector work
Page, EYP, Fluor Corp.,BL Harbert International, and AECOM top Building Design+Construction’s annual rankings of the nation’s largest federal government sector AEC firms, as reported in the 2016 Giants 300 Report.
| Aug 15, 2016
MILITARY GIANTS: Cross-laminated timber construction gets a salute from the Army
By privatizing the construction, renovation, operation, maintenance, and ownership of its hotels the Army expects to cut a 20-year timetable for repairs and replacement of its lodging down to eight years.