Posted on 10/27/2020 10:30:23 AM PDT by Vendome
We knew it was a bad time for commercial real estate. We didn't imagine it was this bad.
Among CEOs, 76% told Fortune their company will need less office space in the future. And 28% say they'll need a lot less office space. That's the finding from a Fortune survey of 171 CEOs in collaboration with Deloitte between September 23 to 30.*
(Excerpt) Read more at fortune.com ...
Most large corporations are realizing how much money they could save with people working from home, while still being effective.
I’ve been working from home since March and while I don’t necessarily enjoy it, I know my company has 80 offices nationwide, many of which have less than 20 employees in them.
It doesn’t make economic sense to pay the overhead when they can just make them permanent at-home employees.
Not a good time to be in commercial space, especially in a Blue city.
Over the last few weeks i had been wondering about the QOZ (opportunity zones) . They are a feature of the Tax Reduction and Jobs Act.
Anyway, the OZ allows reinvestment of capital gains tax-free. Possibility of tax forgiveness if money left in the investment long enough.
Not sure how strong demand will be for commercial space into next decade.
That’s great. I’m not paying for my own document scanner to help my fortune 100 company out though. They’ll just have to accept ‘oh that customer specification from a few years ago, you need it for a big proposal and you want me to dig that up? I think it went to the landfill over on elm street’.
It works out okay for me because last fall, as a majorly lucky coincidence, I converted a portion of my garage into a home office. But I see a lot of people on calls working at their kitchen tables because they don't have a dedicated workspace. Those people are screwed with this becoming permanent.
As an IT contractor who has worked with F100 companies, my experience is that almost all of them will pay for such a scanner, assuming they don’t have one in inventory they can lend you for the purpose - which most do. In this case, you’d just be deliberately obtuse and obstructionist because of the loss of your pwesciousss widdle office.
What times it is possible to work from home I use an upstairs unfinished room for a day.
Afternoons a lot of times, the garage and the inner rear fender of a Willys jeep.
WRONG.
I’ve done video conferences while riding a motorcycle. Tech is wonderful. :D
that’s exactly how it will be across the nation. this separation and WFH model is a big fail and ends soon; probably near abouts 11/4
agreed.
I don’t think I am that coordinated.
Maybe a long stretch of highway and little to no traffic. Maybe.
I plan on getting the military style dash for my Willys jeep. Plenty of empty space on the passenger side.
Maybe some kind of bracket to support a tablet, phone or small laptop could work.
I agree...I’m one of those people. And I have 2 small kids...4 and 2. They don’t understand mommy sitting at a computer 10 hours a day.
I admit, given my hectic personal schedule, I appreciate the flexibility, but it comes at a cost. I work in one of my corporate HQ’s so I know my office will stay open and once we’re allowed back, I will have the option to work a couple days in the office and the rest at home.
We had some survey a few months back about how people felt about their personal situation and work life balance. Apparently a lot of these people love this. They must not have kids.
Former cubicle worker who’s been remote working from home since 2008 here.
Years ago, industry was talking about the workplace of the future, imagining what it looked like, needs, amenities, benefits etc...
I told my bosses not to buy in - my workplace of the future looks like my house. And their workplace of the future looks like theirs.
Once you CAN do something virtually, and it’s substantially similar to what you do in-person, the financial benefits to doing it virtually will always outweigh the more nebulous benefits of being in-person.
Fast forward to this article.
Those brackets and holder systems are actually commercial products. RAM Mounts is the standard in that segment. I have their stuff on the motorcycle (to hold the phone) and various other vehicles.
https://www.youtube.com/watch?v=uJ0IGJrUyqY
Thanks for you smug condescension though, much appreciated.
Interesting perspective on established vs new employees. Agree that a new employee would be at a disadvantage.
I think a hybrid model, where employees who can function while working remotely (not managers, directors, etc) work a day or two remotely and the rest of the time in the office is the best of both worlds. But in order to gain the benefit of a downsized office the work spaces would have to be shared. Brings up the need for a higher level of cleaning than most cleaning contractors are providing.
Another option would be to let process-intensive positions (e.g. AP processors, procurement) work remotely 100%, with knowledge workers in the office.
It’ll be interesting to see what companies decide.
“Your office, not theirs.”
Exactly. In the 1970s, office buildings all over town were reconfigured into cubicles, except for upper management which retained their enclosed offices.
I wonder how many CEOs are calculating how much they can reduce pay and benefits because the employees aren’t having to drive into work, or pay for parking, or lunch, or even new work attire.
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