Meta and Twitter are shedding square footage, while Amazon and Google aren’t giving up the dream.
Tech was going to save commercial real estate. At least it seemed that way, briefly, in 2020: Apple took more than 100,000 additional square feet at 11 Penn Plaza, TikTok leased seven floors in the former 4 Times Square, and Facebook signed the biggest lease of the year in the old post office across from Penn Station.
Then, in 2022, thousands of tech workers across the U.S. were laid off and lower earnings delayed moving plans. Meanwhile, many workers who still had jobs refused to come back to their desks, making it hard to justify expensive leases.
Still, it’s not entirely doom and gloom — while some tech companies are off-loading hundreds of thousands of square feet in space, and a few big ones are hanging on for dear life, others are even expanding.
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