Meta, Amazon bail on NYC office expansions

Two tech titans appear to be retreating from office expansions in the Big Apple.

Both Meta and Amazon are backing away from their plans to expand in New York City, Bloomberg reported. Neither has signaled any intent to eliminate space they already have in the city, but are backing off potential deals to add space.

Meta, the parent company of Facebook, was reportedly planning on taking 300,000 square feet of additional space at Vornado Realty Trust’s 770 Broadway, where the company already has a large swath of space. The lease would have brought the company footprint to more than 800,000 square feet at the office building...

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RSK: The slow down is stating...mainly because of hybrid office use and some companies had hired too many. I believe there eventually will be a major slow down in the economy and a brief recession that will send employees packing...