Office market adjustment to alternative workplace strategies

Christopher Hannum

doi:10.47818/DRArch.2024.v5si146

Office market adjustment to alternative workplace strategies

Authors

Christopher Hannum Short Bio University of Central Asia

Christopher Hannum is the Global Economics Programme Director and an Assistant Professor of Economics based at UCA’s Khorog Campus. He holds a Ph.D. and MA degrees in Economics from Colorado State University in the United States, as well as a BA in History from Michigan State University. Dr Hannum has more than 10 years of teaching experience in economics. Before joining UCA, he taught at Istanbul Technical University in Turkey for six years as an Assistant Professor of Economics, and at Colorado State University for four years as an Instructor. He has taught a variety of courses, both in-person and online, including Economics, Principles of Microeconomics, Intermediate Microeconomics, International Trade, Environmental Economics, Urban Economics, Managerial Economics, Financial Markets and Institutions, Research Methods I, and Research Methods II at undergraduate and graduate levels. He has academic and research interests in the integration of technology and data science into the economics curriculum, applied policy modelling, and the analysis of property markets.

DOI:

https://doi.org/10.47818/DRArch.2024.v5si146

Keywords:

office market, real estate, computable general equilibrium, remote work, alternative workplace strategies

Abstract

Regional CGE models have been a valuable tool for regional development and regional policy analysis and can have valuable applications in real estate analysis as well. This paper describes the Colorado Real Estate (CO-RE) Computable General Equilibrium (CGE) model and its application to the analysis of the impacts of alternative workplace strategies (AWS) such as office hoteling on regional property markets and the regional economy. AWS, modeled as a productivity-enhancing “technological” improvement that reduces firms’ office space requirements, is shown to spur investment in non-office sectors through a positive impact on local economic growth. The impact on local government finances may be negative due to falling office property values. The impact of a sudden, permanent drop in underlying demand for office space by office-using sectors includes dramatic if sluggish decreases in rents and increases in office vacancy.

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References

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Published

2024-12-31

How to Cite

Hannum, C. (2024). Office market adjustment to alternative workplace strategies. Journal of Design for Resilience in Architecture and Planning, 5((Special Issue), 01–17. https://doi.org/10.47818/DRArch.2024.v5si146