The founder of Dallas-based Hayman Capital Management says office buildings in cities need to be demolished because demand isn’t returning and it’s...
His expectation of more pain in the office market reflects a more widespread view that the pandemic has driven a semi-permanent shift toward remote and hybrid work that imperils lower quality buildings that are older and lack amenities.
Bass, who’s most recently been investing in Texas land, said there’s an imbalance in real estate with a severe lack of multifamily units, especially in fast-growing cities such as Dallas, but it’s impractical to convert the vast majority of offices into housing. Despite high demand for housing, developers of multifamily properties simply can’t get the financing right now to proceed with projects, Bass said. Banks are constrained by the rise in borrowing costs brought on by, and the rapid movement of money out of deposits amid turmoil in the sector. That means high rental rates are likely here to stay with demand outpacing supply, he said.
Bass said he can restore some of the properties into wetlands. In exchange, Conservation receives credits it can sell to companies needing to offset the environmental impact of their developments.
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