The sector was already hit hard by Brexit, then by lockdowns, and now by working from home as companies plan to cut floor space.
Thousands of workers laid off. $2.2 billion up in smoke. 2nd SoftBank unicorn to collapse this year before getting to the IPO or SPAC window, after Greensill, which it helped take down.
“There is only one way for a modular project to go right, and a million ways to go wrong.”
Trends converged on the mega-construction project Oceanwide Center in San Francisco.
They all did it, from Salesforce, Uber, and Twitter on down. It was pure magic, a show produced with enormous hype. Now they’re all trying to get out at the same time.
The city’s building inspector confided, “I don’t know why anyone would ever pull a permit for an apartment remodel; the cities make it so difficult.”
“The future of work is flexibility,” CEO Pichai told employees today.
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.