Finance & economics | Future of cities

The true cost of empty offices

Property investors are sitting on big losses

CITIES HAVE often bounced back from crises. From pandemics and earthquakes to floods and fires, the world’s urban powerhouses have emerged stronger when faced with adversity. After the Great Fire of London destroyed most of the city in 1666 a raft of fire-safety regulations were ushered in. Builders swapped timber for brick or stone. Walls were made thicker. Streets became wider. When cholera tore through America in the 1850s New York and other cities introduced sewage systems and public parks. As the disease spread to Paris, authorities there too introduced radical public-health measures. Tree-lined boulevards were built, fountains were erected and slums were cleared.

This article appeared in the Finance & economics section of the print edition under the headline “The true cost of empty offices”

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From the February 19th 2022 edition

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