More Office Space Being Removed Than Added For First Time in At Least 25 Years (cnbc.com) 21
More office space in the U.S. is being removed than added for the first time in at least 25 years. New data from CBRE Group shows that across the 58 largest US markets, 23.3 million square feet of office space is slated for demolition or conversion by year-end, while developers will complete just 12.7 million square feet of new construction.
Good (Score:5, Insightful)
Letâ(TM)s stop wasting money and space on that.
seeking validation (Score:2)
But how will management know it is important if not for nice offices and armies of drones sitting in cubicles or open seating?
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The banks get bailouts.
Everybody gets a bailout, except you and me.
And maybe you took out a PPP "loan".
Time to PC LOAD LETTER the buildings (Score:5, Funny)
Good riddance to the Bill Lumberghs and beige cubicles.
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Consequences, and more Consequences. (Score:4, Insightful)
Laid off tens of thousands of office workers in the last 2 years. Demanded workers RTO after supporting them to move very remote and work, while abusing RTO as a convenient ("legal") excuse to lay off even more.
It's almost as if there are obvious consequences anyone and everyone could see coming.
Next up, listening to commercial-flavored dirt pimps bitch about how they're Too Big To Fail. While that excuse should be about as entertaining as laughing at an overflowing car dealership full of overpriced arrogance, unfortunately they may wield slightly more influence. That's a nice pension fund you've got there. Would be a shame if something happened to the commercial-flavored dirt market..
That explains Jamie Dimon's public statements (Score:4, Insightful)
Universities and colleges will be next (Score:3)
And some is being "slow-rolled" (Score:2)
On Microsoft's Redmond campus they have half a dozen unfinished buildings that construction crews have been "working on" for over a year without making much visible progress. The project was planned before COVID, but in the aftermath with so much remote work (and now with Microsoft steadily laying people off) I think they're regretting booking so much new office space that's likely to be 20% occupied.
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Some of these companies are going forward with construction projects because after giving local politicians bribes, excuse me "Campaign Contributions" , they got all the permits lined up so they can build their new, ego stroking buildings. Most of these permits have a time limit on them, ie. start building by X date or the permit expires. The companies realize that if the permits expire the chances of getting new permits are slim to none since the voters who live around these project are unhappy and will vo
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They spend enough to torture staff with the open plan offices, but don't want to spend enough to provide a semi decent environment. Simultaneously they don't want to save money by cutting the office entirely and having people work remote.
Silicon valley ghost town (Score:2)
I drove around a part of the Moffett Business Park area in Sunnyvale yesterday that used to be part of Lockheed but was sold off and developed 15 or more years ago. Huge multistory buildings with acres of surrounding parking lots, all, totally empty and deserted except for some landscaping maintenance guys. Another older part of the park where I actually used to work 40 years ago is almost just as deserted. A number of buildings have fences surrounding them like maybe there is some remodeling going on excep