Office buildings across the country are facing their lowest occupancy on record and more than 1B SF is at risk of becoming obsolete — but another existential threat is just around the corner.Artificial intelligence is expected to replace 85 million jobs by 2025, according to a report from the World Economic Forum. That has implications for real estate, CBRE Investment Management Chief Investment Officer for Americas Direct Real Estate Strategies Julie Ingersoll said.
“If we lose 25% of our jobs in the United States — think coding jobs, secretarial, even sales-related roles — what is that downstream impact going to be on office, when we already have a 55-year high of office vacancy?” Ingersoll said at a CBRE IM media event Wednesday. “We think it’s going to have a pretty deleterious impact on office demand.”..
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- - Volume: 24 - WEEK: 23 Date: 6/4/2024 2:11:57 PM -