According to The Seattle Times, Meta is examining leases for office buildings in the Seattle area. Facebook has confirmed plans to sublet its offices in Bellevue’s Spring District and Seattle’s downtown. According to news source IANS, Microsoft stated that it will not extend its lease at Bellevue’s 26-story City Center Plaza when it expires in June 2024.
source: The ConversationThe demand for office space in Seattle and other US IT towns has decreased as a result of widespread work-from-home policies and layoffs. Meta announced 726 layoffs in November.According to a spokeswoman for Meta, the company is attempting to be fiscally responsible given the current economic scenario. According to a research by commercial real estate firm Colliers, the Seattle office market is now having trouble, where total office vacancy today stands at roughly 25%.
Due to remote labour, even vacant offices are sometimes only half full. According to Connor McClain, senior vice president and leasing specialist at Colliers, given the macroeconomic conditions and the hybrid work trend, we expect we’ll see an upswing in office vacancy over the next couple of quarters. was cited in the study as adding.
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