{"id":21740,"date":"2023-02-17T13:42:31","date_gmt":"2023-02-17T13:42:31","guid":{"rendered":"https:\/\/www.anthonydidonato.net\/wordpress\/?p=21740"},"modified":"2023-02-17T13:42:32","modified_gmt":"2023-02-17T13:42:32","slug":"tech-firms-embrace-remote-work-and-office-buildings","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/tech-firms-embrace-remote-work-and-office-buildings\/","title":{"rendered":"Tech Firms Embrace Remote Work\u2014and Office Buildings"},"content":{"rendered":"\n

Tech firms may be embracing remote work in a big way since the pandemic, but they\u2019re still buying up office buildings too.<\/p>\n\n\n\n

Google is still placing big bets in the office sector. The company just announced it’s purchasing an office building in New York City for $2.1 billion, the priciest sale of a single U.S. office building since the start of the pandemic and one of the most expensive in U.S. history, according to Real Capital Analytics.<\/p>\n\n\n\n

\u201cFears of the office building\u2019s demise look overblown,\u201d The Wall Street Journal<\/em> reports. Even as the COVID-19 delta variant spreads, companies are showing renewed interest in returning to the office one day. They\u2019re making plans for their return, too.<\/p>\n\n\n\n

They’re being drawn to lower office rents and higher vacancy rates. In Manhattan, office asking rents have dropped to 2017 levels. That\u2019s prompted August leasing activity to more than double when compared to the previous month in Midtown, The Wall Street Journal<\/em> reports.<\/p>\n\n\n\n

The higher demand for office buildings comes at a time when many companies have embraced remote work. Google has allowed its employees to work from home since the spring of 2020. The company has recently delayed its return to the office until January 2022.<\/p>\n\n\n\n

\u201cBut the Manhattan office purchase underscores how the company views office space as an important part of its long-term strategy,\u201d The Wall Street Journal<\/em> reports. Google\u2019s $2.1 billion purchase is for a 1.3 million-square-foot property on the waterfront of Manhattan\u2019s West Side.<\/p>\n\n\n\n

Google, Facebook Inc., Apple Inc., Amazon, and other tech companies have become some of the largest renters and buyers of office space across the country. They\u2019re taking advantage of lower office building prices.<\/p>\n\n\n\n

“Even if they have 20% of their workforce working remotely, business is just growing so fast that the other 80% still needs a place to go,” Brian Kingston, chief executive of Brookfield Property Partners, told The Wall Street Journal<\/em>.<\/p>\n\n\n

\n
\"\"<\/a>
Image by gomiche<\/a> from Pixabay<\/a><\/figcaption><\/figure>\n<\/div>\n\n\n

\u00a9National Association of REALTORS\u00ae
Reprinted with permission<\/p>\n","protected":false},"excerpt":{"rendered":"

Tech firms may be embracing remote work in a big way since the pandemic, but they\u2019re still buying up office buildings too. Google is still placing big bets in the office sector. The company just announced it’s purchasing an office building in New York City for $2.1 billion, the priciest sale of a single U.S. … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-21740","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nTech Firms Embrace Remote Work\u2014and Office Buildings - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.anthonydidonato.net\/wordpress\/tech-firms-embrace-remote-work-and-office-buildings\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/tech-firms-embrace-remote-work-and-office-buildings\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/tech-firms-embrace-remote-work-and-office-buildings\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Tech Firms Embrace Remote Work\u2014and Office Buildings\",\"datePublished\":\"2023-02-17T13:42:31+00:00\",\"dateModified\":\"2023-02-17T13:42:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/tech-firms-embrace-remote-work-and-office-buildings\\\/\"},\"wordCount\":340,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"image\":{\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/tech-firms-embrace-remote-work-and-office-buildings\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/telework-g5e6af0bf4_640.jpg\",\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/tech-firms-embrace-remote-work-and-office-buildings\\\/\",\"url\":\"https:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/tech-firms-embrace-remote-work-and-office-buildings\\\/\",\"name\":\"Tech Firms Embrace Remote Work\u2014and Office Buildings - 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