AMA - Empty Offices Means No Jobs

Today's question comes from Greg in Virginia who writes:

Love the show. I am constantly amazed at your depth of knowledge.

My AMA is: I’ve heard you and others state many commercial office buildings are not suited for conversion to apartments and would likely need to be demolished and rebuilt for apartment living. Understood, however, if the office buildings are vacant, meaning no jobs, is there even demand for these additional apartments? Common sense says invest and build where net in migration occurs, not where people are leaving. If the offices are empty, the assumption is people are leaving.

I look forward to your wisdom.

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Host: Victor Menasce