Data and Code for: Work From Home and the Office Real Estate Apocalypse

Principal Investigator(s): View help for Principal Investigator(s) Arpit Gupta, New York University; Vrinda Mittal, University of North Carolina Chapel Hill; Stijn Van Nieuwerburgh, Columbia University

Version: View help for Version V1

Name	File Type	Size	Last Modified
Data and code			10/30/2025 03:27:PM

Project Citation:

Gupta, Arpit, Mittal, Vrinda, and Van Nieuwerburgh, Stijn. Data and Code for: Work From Home and the Office Real Estate Apocalypse. Nashville, TN: American Economic Association [publisher], 2025. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2025-12-22. https://doi.org/10.3886/E228041V1

Project Description

Summary:

We show remote work led to large drops in lease revenues, occupancy, and market rents in the commercial office sector. We revalue New York City office buildings taking into account both the cash flow and discount rate implications of these shocks, and find a 46% decline in long run value. For all U.S. office markets combined, we find a $556.8 billion value destruction. Higher quality buildings were buffered against these trends due to a flight to quality, while lower quality office is at risk of becoming a stranded asset. These valuation changes have repercussions for financial stability and local public finances.

Scope of Project

Subject Terms: remote work; office valuation; commercial real estate

JEL Classification:
      G12 Asset Pricing; Trading Volume; Bond Interest Rates
      R30 Real Estate Markets, Spatial Production Analysis, and Firm Location: General
      R40 Transportation Economics: General
      R51 Finance in Urban and Rural Economies

Geographic Coverage: United States, New York City

Time Period(s): 1/1/2015 – 12/31/2023

Collection Date(s): 2021 – 2024

Universe: Main empirical analysis uses lease-level data.

Data Type(s): observational data

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Published Versions

V1 [2025-12-22]

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DDI 2.5

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