this post was submitted on 24 Aug 2023
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1073
Return-to-office orders look like a way for rich, work-obsessed CEOs to grab power back from employees (www.businessinsider.com)
submitted 1 year ago by [email protected] to c/[email protected]
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Return-to-office orders look like a way for rich, work-obsessed CEOs to grab power back from employees::White-collar workers temporarily enjoyed unprecedented power during the pandemic to decide where and how they worked.

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[–] [email protected] 35 points 1 year ago (2 children)

Super simplified version: the office buildings are losing value due to low occupation. Owners of those buildings lose money if the value goes down. Those owners do not want that.

[–] [email protected] 18 points 1 year ago (1 children)

And those owners can almost always find a compassionate ear from their loyal rich CEOs who don't want to upset a however many years relationship of "I'll scratch your back if you scratch mine" kinda thing.

[–] [email protected] 3 points 1 year ago

Highly plausible deduction.

[–] [email protected] 1 points 1 year ago (1 children)

I see a lot of people say this but I haven't seen real data that this is actually a trend. Though I live in Australia, maybe it's different elsewhere.

[–] [email protected] 2 points 1 year ago* (last edited 1 year ago) (1 children)

If I'm understanding correctly, you're saying you don't see the trend of office real estate losing value? This might be a problem mostly for the US, but Manhattan real estate is definitely struggling. There's also the company WeWork, which is basically AirBnB for office spaces, which is now on the brink of collapse.. WeWork had bought up so much office space for renting out that US banks are legit concerned over what happens if the business fails.

[–] [email protected] 1 points 1 year ago

Thanks for the sources, yes looks like the US commercial real estate market is in trouble. Here in Australia it's not that bad, though there are predictions that there may be issues due to economic reasons, with WFH playing a small part.