This sort of sudden structural collapse in demand for office space raises some existential questions for landlords.
Landlords failed to disclose how much they had to fork over to office tenants to get even these reduced rents. Since we have holdings on the Peninsula, we know the real numbers first-hand.
A “distributed operational workforce” with a net reduction in demand for office space facing a business premised on endless growth.
This isn’t a blip.
To be honest, the WTF SPAC bubble wouldn’t be complete without a WeWork listing that lets SoftBank get out.
Wolf Richter on Howestreet.com.
The fact that smartphones are perfect surveillance devices has been kicked around for a long time. And the data are immensely useful in B2B.
But working from anywhere has cost cutters drooling: “All expense categories benefited from lower facilities related costs, driven by our employees working from home.”
This is just so relentless: “We’re not going back to the way things were.”
Actual rent collection data from over 11 million apartments and 80,000 single-family rental houses, compared to a year ago.