Numlock News: May 12, 2020 • Office Space, Space Debris, Quibi
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By Walt Hickey Space According to SquareFoot, companies in New York City spend an average of $17,020 per employee annually on office space, an expense that right about now pinches a tad more than usual. Many companies that had resisted the siren call of remote work are now finding themselves forced into the arrangement, and not entirely hating it. As a result, commercial real estate prices may take a dip as companies take that money and instead consider throwing it at employees, who can set up an at-home arrangement in lieu of a proper office. The thing that may save the industry in the short-term is the standard 10-year lease will save many companies from an instantaneous shift in the entire market. For now, prices are steady — $85.84 per square foot in New York in March, $92.13 per square foot in San Francisco — but times are changing.
Numlock News: May 12, 2020 • Office Space, Space Debris, Quibi
Numlock News: May 12, 2020 • Office Space…
Numlock News: May 12, 2020 • Office Space, Space Debris, Quibi
By Walt Hickey Space According to SquareFoot, companies in New York City spend an average of $17,020 per employee annually on office space, an expense that right about now pinches a tad more than usual. Many companies that had resisted the siren call of remote work are now finding themselves forced into the arrangement, and not entirely hating it. As a result, commercial real estate prices may take a dip as companies take that money and instead consider throwing it at employees, who can set up an at-home arrangement in lieu of a proper office. The thing that may save the industry in the short-term is the standard 10-year lease will save many companies from an instantaneous shift in the entire market. For now, prices are steady — $85.84 per square foot in New York in March, $92.13 per square foot in San Francisco — but times are changing.