Just wondering how we work better together when everyone else is trying to offload office space because it’s an unnecessary expense? Wells Fargo is so heavily invested in office space (rentals and otherwise) that it makes up a significant portion of our balance sheet. This can’t end well.
https://commercialobserver.com/2023/03/the-next-domino/
Why do you think they force RTO.....? Too much investment in commercial property.
“LOL. This isn't 2021 any more. Companies aren't going to let shiteheels slide by doing nothing out some select roles that they will let age out through natural attrition. Wells Fargo is already forcing you back in and it is working. The labor force hanging on to WFH regardless of their role is being left behind. All the companies have leverage because the average household debt level is so high slobs will continue to work to pay their billz.”
Uh oh bro:
https://fortune.com/2023/03/25/remote-work-gains-momentum-despite-return-to-office-mandates-from-high-profile-ceos/
@cuv Keep celebrating the stratification of the haves and have-nots, the last time it was this bad in the country there was a depression.
"Lol. This isn’t the 1990s anymore. Nobody is gonna do 40hrs a week in the office again outside some select roles that require collaboration. Companies will try to force people back in but it won’t work. The labor force has moved on. And companies certainly don’t have leverage in this labor market with 3.4% unemployment. "
LOL. This isn't 2021 any more. Companies aren't going to let shiteheels slide by doing nothing out some select roles that they will let age out through natural attrition. Wells Fargo is already forcing you back in and it is working. The labor force hanging on to WFH regardless of their role is being left behind. All the companies have leverage because the average household debt level is so high slobs will continue to work to pay their billz.
“Contrary to popular belief, office space is not a liability expense compared to employees. They can write off taxes and other expenses related to property, but they can't with employees. Also, CIC is doing millions of dollars in upgrades so real estate isn't going anywhere and also we'll be back in the office full-time. But, quitting is an option as always.”
Lol. This isn’t the 1990s anymore. Nobody is gonna do 40hrs a week in the office again outside some select roles that require collaboration. Companies will try to force people back in but it won’t work. The labor force has moved on. And companies certainly don’t have leverage in this labor market with 3.4% unemployment.
If you needed the actual reason for the push to RTO this is it. The powers that be don't care about you or your work life balance. At the end of the day all they care about is money and the more the better.
All the talk about collaboration or we are better together is more spin so they don't lose out on their investments in these buildings, they made a poor decision and as always its the employees that will pay the price.
@cti+1lQZX5R6 Also WF is getting out of a lot of the leased properties in the CLT area. CIC is one of the properties they actually own and can hold 8-10k employees so it makes sense to spend $$ on it. Also they got the Duke building back which they own as well.
Contrary to popular belief, office space is not a liability expense compared to employees. They can write off taxes and other expenses related to property, but they can't with employees. Also, CIC is doing millions of dollars in upgrades so real estate isn't going anywhere and also we'll be back in the office full-time. But, quitting is an option as always.
Not seeing anything unusual real estate wise that should generate any concern, there is a lot of post-pandemic processing of what to do with properties. RTO will creep back into the norm, some of the unused sq ft will be leased out. Not sure about the feasibility of commerical to residential conversions, jury is out.
Despite remote work's popularity, it is not the default by any large measure. It's merely a work experience feature specific to certain roles and company cultures.
Wonder if this is part of the reason why Scotty canceled last weeks pep rally. Need to get the story straight with bank failures, inflation, and commercial real estate exposure. Just a pro tip. Even if you gift wrap excr-ment in pretty paper, it still smells like raw sewage.🤮
Spot on. I've been meaning to say that out loud for a while, but couldn't quite muster the courage.
Reported here as well: https://www.cnn.com/2023/03/27/investing/premarket-stocks-trading/index.html