What we all knew this was going to happen, but wah.
We also know from CEOs to CRE investors, what was driving much of the #RTO angst.
Fuck'em.
https://fortune.com/2023/12/19/capital-economics-wipeout-commercial-real-estate-values-losses/amp/
My current gig went remote during covid, spent the time refining processes and tools, and dropped our leased office spaces. They are still empty.
At my last gig (in no small part why I left) a senior leader said in an AMA that employees had an obligation to the company to support retailers and restaurants and gas stations around the offices to bring back the economy. Uh huh. No.
@Cosmichomicide that is contrived bullshit.
As info, the guy who replaced me in my previous job quit after a few weeks due to the company RTO hard-line.
We had a much larger pool of highly qualified candidates than we expected, even with the current tech layoffs. Our top three candidates all cited the remote status and the stability of the vertical as reasons they applied.
People want to work, they just want it to make sense.
Driving in to do Zoom meetings in an open office hellhole so the property values stay high for commercial doesn't make sense for most knowledge workers.