[thegrim22]

Less demand with same supply = lower prices. The owners either work with the lower prices or if they're so low that it makes sense to replace the office with something else that'd have better returns then that will happen. Pretty simple really.

[apercu]

So tearing down is cheaper than renovating? I'm not sure that's what you're saying but that's how I interpret it. Feels like an over-generalization to me.