The Apocalypse Model, Rerun

The office real estate apocalypse model of Gupta, Mittal and Van Nieuwerburgh, rerun on what Manhattan recorded after 2023: 78 percent of 2019 value at the end of 2026, not 47. The rerun tests the thesis of my April 2020 paper, which projected that remote work would cut office demand by about five percent, not the collapse the headlines expected. Also posted on Substack.