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Maybe raze and rebuild with housing but for most offices renovation to housing would be a problem due to building shape, locations of windows, and plumbing needed for kitchens and bathrooms.
The company that I work for has done dozens of these conversions. Interior build out is no big deal. In some cases you can save some of the interior elements if they are worth saving (historic buildings). With newer ones it is more efficient to just gut them and rebuild the interior. It makes it easier to modify the MEP systems. Some groups are also converting shopping malls.
There were remote jobs before the pandemic and there are likely many more after. These jobs will be in the highest demand for a long time.
I remember looking at how much I save by not going into the office 5 days a week and it ended up being some ridiculous number like $18,000 a year of after tax money (gas, tolls, car maintenance, dog walker, lunch, parking, etc.). Which means I could literally take a $25k pay cut for a remote job and end up with the same amount of money at the end of the year and a much better work life balance. Arguably, if I found a job outside the city it would eliminate tolls and parking, but you're still talking probably $15k a year difference.
If I had the choice of making $150k to commute into the city, or $125k to be remote it wouldn't even be a question. I'd be remote all day long.
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