Posted on 02/24/2021 7:19:42 AM PST by Brookhaven
HSBC plans to nearly halve its office space globally over the long term as part of a cost-cutting drive set out on Tuesday, in a further sign the pandemic could mean permanent changes to working patterns.
HSBC aims to cut its office footprint by 40% over the long-term, the bank said in an analyst presentation accompanying its full-year results.
(Excerpt) Read more at reuters.com ...
• The plan to crowd people into large cities
• Cities themselves if people no longer need to live close to where they work
Factories and warehouses long ago left urban areas. What they have left are white collar, office workers. If those workers leave, what is the future for cities?
No end in sight here in California. Newsom is being recalled but the state and local gov’ts will not give up power.
One party state. Democrat socialists. they get their paychecks paid for by the rest of us while keeping your future uncertain and denying you a living.
Question: Is that the best company to have a credit card with when traveling? A big balance just might waive atm fees. Since the uS now sucks I may now become an international vagabond.
“Is that the best company to have a credit card with when traveling? “
My Recommendations:
Charles Schwab charges ZERO for ATM fees both here and overseas - they’re clearly the best for that. They actually add-back the fees that some of the foreign ATMs charge...so the net effect on you is zero charge. And the card seems to work everywhere.
The Chase Sapphire card (and a number of others) are good for charging as they don’t mark-up the dollar/other currency spread...so no extra cost to use it.
Many companies are learning they never needed so much office space. Let employees work at home to cut costs.
Yep, the commercial real estate market will suffer greatly over the next 1-5 years as corporate leases are halved and renegotiated as prices fall. This is just one of the dominos that will be falling due to covid and the economic shutdown. It will have a major economic impact.
It makes room for new companies to rent office space.
Salesforce built that massive building in San Francisco that now dominates the skyline, just massive. Only to realize their thousands of employees now want to work at home and so they basically were forced into allowing them to do so.
Good luck with that albatross of a building now.
Chase Private Client services are pretty good. If you carry a large balance they have many perks.
That means the big majority of us will never need to commute into that city again to do our jobs.
Blame the China virus? Nope. BLM & Antifa did this. So did the liberal, criminal coddling mayor and city council who all hate the police, love criminals, and hate those of us who work for a living.
Not surprising the bank made this move. And we're not alone. The exodus out of the city is at a blistering pace. Homes where I live have appreciated in value almost $40k since Dec. 2020 and there's no end in sight to how much & how fast they're going up. It's insane. Homes are selling for $180/sf and more.
A few months ago, a house down the street from here sold for $773/sf (yes, $773). It was one of those little Jim Walker or something pre-built kit homes from the 60s. It was immediately bulldozed and they’re rebuilding.
That’ll increase the property taxes even more. Twenty years ago, taxes equaled 2 weeks of income. Today, they take nearly 4 months. Here’s it’s the invasion of the Kalifornians with their lib ideas jacking up prices similar to CA’s. At one time, 50% of the homeowners had for sell signs to get in on the inflated prices.
Suburban office parks attracted many of the white-collar jobs from cities; costs were lower and it was easier to attract the best talent.
The ChiCom virus reversed the flow of lazy people into cities (where someone else would do everything for them); now they’ll stay in the ‘burbs and shovel their own snow/mow the grass.
This trend pre-dates the virus; I suspect many are ramping up their office space in India while reducing it here.
A friend who works in Newark NJ describes the same dynamic; they went to “snow day mode” when BLM held some (peaceful)protests to disrupt traffic where the white people may drive (though many of the drives now are foreign), and it is unlikely that many people were returning there. Big banks had already starting moving staff out decades ago; outside of a relatively tiny downtown, Newark is basically a transit hub (planes, trains, buses) - for people going somewhere else.
you forgot your sarcasm tag.... but just in case WHO is going to open business’s, YOU? No business is going to open up. Selling what? ObamaCare II ??
You funnier that bgill. W H A T new companies?!?! Are you going to open a couple?
Deep Sta5e didn’t quite think this through.
But that’s okay.
They can fix that.
Tbey’ll just screw over the burbs and send folks fleeing back to the major metros.
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