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OPINION

THE SURPRISING TREND THAT COULD SAVE CITIES

People aren’t eager to return to offices, but they’re venturing downtown after
hours and on weekends.

By Heather Long
Editorial writer and columnist|
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May 14, 2024 at 6:45 a.m. EDT

Concertgoers at the Something in the Water music festival in D.C. on June 18,
2022. (Amanda Andrade-Rhoades for The Washington Post)

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It’s a gloomy time for America’s biggest cities. Most have a glut of empty
offices as white-collar workers prefer to stay home. Fire sales have begun for
outdated buildings. An office in San Francisco that used to be worth over $60
million just sold for $6.5 million. A tower in Manhattan reportedly sold for
$150 million, a steep discount from the $500 million sale price in 2014. An
office building in D.C. sold for nearly 75 percent less than its last sale
price. These are extreme examples, but they typify what is to come: more price
cuts and significantly less tax revenue for city budgets.


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