A billion square feet of new housing space to emerge in cities as America's office market faces a major crisis

"The banks are going to have to dispose of that real estate," Richard Barkham, chief global economist for CBRE, said in an interview with Business Insider. "I think we'll see a wave of offices going back to banks ... they'll be firesold and either demolished or converted."

"There's a solid base of really badly performing offices that's going to go bust over the course of 2025," Barkham said. "It's quite clear that we don't need as much office space in the United States as we did."

Read at New York Post