People are working at home, especially techies. This has always been the case for small tech companies but now it has caught on with the biggest companies too, it is true everywhere.
Even my kid who has worked for Bank of America for over 20 years and has an office there, rarely goes in anymore except for rare meetings, even meetings are mostly done on zoom now.
Office vacancy will increase by 55% by the end of the decade as hybrid and remote work push real estate to an ‘inflection point’
Commercial landlords face huge challenges in the work from home era as they confront the reality that empty desks and vacant office towers are here to stay.
What Comes Next for the Most Empty Downtown in America Tech workers are still at home. The $17 salad place is expanding into the suburbs. So what is left in San Francisco?
More ominous for the city is that its downtown business district — the bedrock of its economy and tax base — revolves around a technology industry that is uniquely equipped and enthusiastic about letting workers stay home indefinitely.
In the space of a few months, Jeremy Stoppelman, the chief executive of Yelp, went from running a company that was rooted in the city to vacating Yelp’s longtime headquarters and allowing its roughly 4,400 employees to work from anywhere in their country.
“I feel like I’ve seen the future,” he said.
Analysis: American offices are half-empty. That could be the next big risk for banks
From Dallas and Minneapolis to New York and Los Angeles, offices
sit vacant or underused, showing the staying power of the
work-from-home era
https://www.nasdaq.com/articles/offices-are-empty.-whats-next?amp
Notably, work-from-home arrangements that came as a result of the pandemic also spurred office transformations nationwide.”
The problem isn’t much better globally.
In Tokyo, the vacancy rate dropped for the first time since the pandemic began last December, coming in at 6.35%, compared to 1.49% in February 2000.
And in the U.K., occupancy rates are averaging 25%, according to CoStar.
