Corporate cost cutters salivate over working from anywhere. Oh my, the free gourmet cafeteria is gone. Companies already said they’d cut salaries if folks move to cheaper locations.
And we coined “Management by Zooming Around.” Which is what Oracle’s Larry Ellison is doing.
Office occupancy plunged by the most in Dallas. In San Francisco, where it had already been rock-bottom, it dipped into the single digits.
Landlords and their lenders who’re still thinking work-from-home is just a blip will undergo a reckoning in due time.
“Hybrid workplace,” it calls it. The trend for many companies with office workers and enough tech savvy to pull it off. A nightmare for landlords.
“Some things actually work really well virtually”; but “the vast majority of us can’t wait until we can be back in the office.”
Those markets are already getting hit.
Folks started driving again – including those who used to take mass-transit. But jet fuel demand is still in collapse-mode. And overall consumption remains way down.
“There will be a long-term adjustment in how we think about our location strategy…the notion of putting 7,000 people in a building may be a thing of the past”: Barclays CEO. And companies are following through.