Do agree with depends on space, imagine industrial, wharehouses, low cost senior housing will all have increasing demand. High end office space does have a lot of pressure to the downside though. There have been some major defaults lately and there are very large funds doing it. SF and NYC are having some major issues with this, as well as other cities. That type of space is very expensive to convert to other uses as well. Here is an article on it, there are many out there about this. Also companies as they renew their leases they will not need as much room with work from home and layoffs. Add in having to adjust costs to higher rates, could be a recipe for many more defaults coming down the pipedepends on the type of bricks and mortar.
High end office will always be in demand for a long time.
Industrial is looking amazing. Retail being replaced by distribution hubs. Even with AI, you still need workshops.
Most of history shows new tech creates jobs as well as destroying them. Think of auto pilot on an aircraft. It frees up pilots to do other stuff. We have lost flight engineers, but we have many, many more pilots needed.
A Flood of Defaults Swamps Big Names and Big Properties
The dam holding back default filings — especially in the office market — clearly has burst.
I am not sure new tech will balance out job creation and destruction though. Some major sectors can potentially get wiped out like drivers, back office, admin etc That is just my guess but personally do not know enough about that to have a strong opinion
One last thing to add as well, the past few years showed companies it is possible to work remotely. This will potentially drive wages down in western countries if labor can be done outside an immediate area or country. Again, no sure how big an effect this will have 5-10+yrs from now