Some of the more reliable office building tenants are reversing course by letting leases expire or subleasing space across major cities.
Silicon Valley’s move-fast-and-break-things mindset now extends to leases.
Big Tech companies — some of the more reliable office building tenants— are reversing course by letting leases expire or subleasing space across major cities, leaving commercial landlords with empty square footage and growing losses, The Wall Street Journal reported.
Downsizing
Everybody remembers the ghost towns that bustling cities like New York and San Francisco turned into after COVID-19 left streets, shops, restaurants, and office buildings empty for months on end. For companies that could make the transition, especially tech firms, employees easily switched to remote work. The hope was that those workers would eventually return to the office and downtowns would thrive...
Big Tech companies — some of the more reliable office building tenants— are reversing course by letting leases expire or subleasing space across major cities, leaving commercial landlords with empty square footage and growing losses, The Wall Street Journal reported.
Downsizing
Everybody remembers the ghost towns that bustling cities like New York and San Francisco turned into after COVID-19 left streets, shops, restaurants, and office buildings empty for months on end. For companies that could make the transition, especially tech firms, employees easily switched to remote work. The hope was that those workers would eventually return to the office and downtowns would thrive...