[bgill]

Many companies are learning they never needed so much office space. Let employees work at home to cut costs.

[1Old Pro]

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.

[usconservative]

I work for a large multi-national bank with offices globally. In one city that was plagued by BLM & Antifa riots this past summer, we've exercised the exit clause for 70% of our leased space.

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.

[kearnyirish2]

This trend pre-dates the virus; I suspect many are ramping up their office space in India while reducing it here.