There are 87 billion square feet of commercial real estate in the United States. These buildings’ owners fall into two categories: those whose primary business is owning real estate for profit from asset appreciation or rental income, and everyone else. Of all this square footage, some 60 percent is in possession of those who control real estate on a large scale, typically with assets worth hundreds of millions of dollars. It is this group that is most exposed to regulatory and market forces and that also has the wherewithal to do something about it. This is where it gets interesting.
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