re: Crane City - Why is there is Skyscraper boom in most major U.S. cities?

Apartments/Condos

At least part of it is that a lot of those vacancies are under long-term leases, so you can’t just move a new corporate tenant in who needs space now.

Commercial RE, particularly office space is going to be weird for at least the next few years. We still haven’t finished figuring out what white collar work is going to look like post-pandemic.

There is still tenant demand for trophy office space and businesses, especially if you’re downsizing a bit, will pay a higher rental rate to be in a new asset with all the bells and whistles.
Using Atlanta as an example- Invesco vacated a perfectly fine Class-A building to move a few blocks south and take 300,000sf in a new mixed-use project with better walkability and amentities.
Office to residential conversion is very uneconomical due to building design, it’s not the overnight solution some people think. Most of it will likely be gov’t subsidized until someone figures out how to do it efficiently.

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There can't be that big of a demand for the office/condo space for these massive buildings

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There is where I live
They are all residential

Some of these projects were locked in before things went to shite. Many parties involved are motivated to see it through, or at least get to some point and sell.

Many buildings also have leases in place and are vacant because of foreign money.

Garden variety commercial lending and real estate fraud.