New office towers, planned before the pandemic, are now opening up at a time when demand for office space is at an all time low, making developers nervous that they've sunk money into projects that are not viable in the time of COVID-19, according to the New York Times.

These projects were meant to thrive amid pre-pandemic conditions of low unemployment and robust foot traffic. Now that the pandemic has severely disrupted both, however, their commercial viability has been thrown into serious doubt, raising the possibility that these buildings could become money sinks, as the number of expected tenants crashes to a fraction of earlier projections. While these buildings are slowly filling up, the Times noted that most new office buildings take a while to get to full capacity and usually rely on a strong economy to drive further occupancy.

Further, more people are working from home, and if recent surveys and polls are any indication, this will continue even after the pandemic is over. Right now, it is estimated that some 34 percent of former office dwellers are working from home, while another survey found that 54 percent would prefer to work primarily from home in the future.

The Times also pointed out that, since these buildings were designed before the pandemic, their layout might not be appealing to potential tenants, who will likely want more room for social distancing and fewer common areas. While some matters, such as floor layouts, might be easier to address, others, like the size of elevators, will be significantly more difficult.

One developer interviewed by the Times, however, thinks that, in the long term, demand for office space should actually grow: Because companies will want more room for fewer people, this could mean that they will have tor rent more space. As the pandemic is still ongoing, it remains to be seen whether this prediction will bear out.