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Office landlord debt defaults rising as remote work takes hold: report
New York Post ^ | February 21, 2023 | Thomas Barrabi

Posted on 02/22/2023 5:14:14 AM PST by george76

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To: Alberta's Child

I like hybrid. The best of both worlds. Like 2 days/week in the office. As the days can be staggered, just lease half the space.


21 posted on 02/22/2023 7:22:20 AM PST by olivia3boys (t )
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To: george76

One of my friends works as sysop working remotely. They were bought by another company and were told “When buyer sends people down, you have to come into work” to give the appearance that they were 100% in-house. Apparently, being in-house was like a jewel in the crown.

I have a friend who has always worked remotely but she can only work at home due to a VPN. No coffee shops, etc. But I noticed they waved that when she was on vacation and they needed her. That told me quite a bit about WFH.


22 posted on 02/22/2023 7:23:40 AM PST by AppyPappy (Biden told Al Roker "America is back". Unfortunately, he meant back to the 1970's)
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To: FLT-bird

To see other humans not on Zoom. Makes a big difference. Humans need humans.


23 posted on 02/22/2023 7:23:58 AM PST by olivia3boys (t )
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To: FLT-bird
Of course this begs the question of -- "why come in at all then?"

Exactly.

24 posted on 02/22/2023 7:30:27 AM PST by Alberta's Child
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To: olivia3boys
I serve in an advisory role to a non-profit company that is facing the prospect of renewing their office lease this year. My advice to the company's management consists of several items:

1. With the exception of the CEO, several senior employees, and client-facing administrative staff, either go to 100% remote work or 100% on-site for their regular work tasks. There's no in-between.

2. Every employee should live within two hours of the office. They basically must do this anyway, because most employees regularly interact with clients and other organizations ... so there's no option for having someone work 500+ miles away.

3. The majority of the office space should be comprised of a couple of meeting/conference rooms, plus one large auditorium-like room where all employees can attend a regularly scheduled staff meeting every 3-4 weeks.

Personally, I find that the "hotel"/shared office space model simply doesn't work for me. I have a client that has assigned me to share an office with their own employees this way. I think I've been in that office twice since January 1st of LAST year. I can't work in an office that's not set up for me, and doesn't have any personal effects of mine in it.

25 posted on 02/22/2023 7:38:49 AM PST by Alberta's Child
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To: olivia3boys

I’m just fine with zoom calls rather than meeting in person. The vast majority of the meetings are just as useless but now (since almost nobody turns on their camera) I don’t have to sit there and pretend I’m paying rapt attention. I can even get actual work done while somebody is yammering on about something useless.


26 posted on 02/22/2023 7:42:58 AM PST by FLT-bird
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To: george76
I work in Manhattan and it is obvious that many people who come in at all have settled into a three day a week routine for being at the office. The city and trains are much more crowded Tuesday through Thursday. Mondays and Fridays are much lighter. Even I will usually work from home on those days.

I will never forget Friday, March 13, 2020. That was the last day my workplace was anything like normal. That was the day that the state of New York almost gleefully announced that they were joining the lockdown.

You know, the 10 days to "stop the spread nonsense", or whatever that was.

I still remember telling employees to take their laptops home that day and any other things they needed to work at home. By 4PM, the office took on the atmosphere of an elementary school turning the kids loose for summer vacation. Nearly three years later, some of those employees still haven't been back but they do allegedly work here. I see them on ZOOM calls every now and then.

The COVID shutdown was brought about by the politicians and they were all giddy about discovering just how much power they could obtain over us by creating an atmosphere of fear.

27 posted on 02/22/2023 7:43:18 AM PST by SamAdams76 (4,895,899 Truth | 87,656,930 Twitter)
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To: FreedomPoster

I am amazed the commercial real estate bubble has lasted this long.

They can fake it for a while, but eventually there will be an epic collapse of that sector of the economy.


28 posted on 02/22/2023 7:45:07 AM PST by cgbg (Claiming that laws and regs that limit “hate speech” stop freedom of speech is “hate speech”.)
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To: Alberta's Child

Good advice—they are lucky to have you.

Organizations need to adjust to the real world.

Wasting money on unused and unneeded office space is the definition of stupidity.


29 posted on 02/22/2023 7:48:25 AM PST by cgbg (Claiming that laws and regs that limit “hate speech” stop freedom of speech is “hate speech”.)
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To: SamAdams76

>> shutdown was brought about by the politicians and they were all giddy about discovering just how much power they could obtain over us by creating an atmosphere of fear..

Hermann Goering said during the Nuremberg trials that “the only thing a government needs to turn people into slaves is fear.”


30 posted on 02/22/2023 8:33:25 AM PST by george76 (Ward Churchill : Fake Indian, Fake Scholarship, and Fake Art)
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To: george76

Anyone here heard about the Qualified Opportunity Zones?
It was something Congress passed that allowed deferral of income tax on long-term capital gains IF the money was reinvested in commercial real estate (and left in that investment for a certain amount of time). One of the requirements was that the real estate had to be in certain “economically disadvantaged” areas.
Now, one might think, “Those fat-cats that went for that deal are going to be really sorry about how badly that turned out for them.”
My speculation is that Congress will be motivated (by lobbyists and contributions, etc.) to update the QOZ requirements to (essentially) bail out many of the QOZ investors.
After all, some animals are more equal than others.


31 posted on 02/22/2023 8:50:10 AM PST by Honest Nigerian
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To: george76

A daisy chain effect:

Lower utility costs-—empty buildings

Less security

No payroll taxes to cities that charge such based on WHERE you work

No lunches/dinners/ coffees bought in surrounding areas—loss to business owners

It is said that a person with a paycheck spends 70% of that paycheck within 7 miles of where they work-—THAT is also re-arranged.


32 posted on 02/22/2023 9:31:41 AM PST by ridesthemiles
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To: george76

I hope Black Rock loses a lot of money.
The company 2 story office building I last worked at is mostly empty that once had 300 people there.


33 posted on 02/22/2023 5:01:01 PM PST by minnesota_bound (Need more money to buy everything now)
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To: 1Old Pro

Yep


34 posted on 07/02/2023 11:13:48 PM PDT by vmpolesov
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