Vacancy rates for commercial real estate are what 20-30%? While the economy continues to grow, so no this narrative about productivity is pure bs.
Every post about how I overhead some conversation, the problem is you not knowing how to manage people. There are field workers, trades, all of India working remotely, always, long before Covid.
Had a 4 hour call to fix a bug , 1 on 1, never got distracted, no one butted in, no one asked to go out for lunch, coffee, had some bs made up management emergency that required everyone. No one told me that x,y,z brought apples and they are in the kitchen. My working day has more working hours than it ever did while living in NYC because as everyone knows ~20% of your waking hours are spent commuting.
Oh I remembered my all time least favorite activity, where we pile into a room to eat team lunch with plastic utensils off paper plates, while someone from some management organization tells us how we should see the world… yeah no thanks. I wonder why is there is no demand for commercial r/e oh that’s right because unless you are a unicorn company or actually physically need to be at a location to perform a task, the vast majority prefers working from home.
Also, in US, landlords outside of huge metro areas and non class A buildings in metro, are throwing out crazy TI credits and building offices for free for a lease. So if you are looking for an office because you have some portion of the workforce that prefers it. A great time to get a new office built out for free, on a very cheap lease. I have clients that are having entire floors redone for free because they just mentioned cancellation/renegotiation of a lease.
For anyone not in the real estate market, "TI" here is "tenant improvement" and basically means all the construction that the owner does to configure the space to the needs of whoever is leasing it
Its not doing great. I know that people that are still holding offices are getting their pick of the litter right now.
"The company below left, so we added their space to the lease and got all the furniture, for 10% of the rate"
"Sub tenant left so we got a great deal on taking over their space as is"
this and this
"We have extra space because 70% are WFH would you like to sub lease it we have 3 other companies here and all the infra setup, plus our break room is nice"
Buildings reporting the empty spaces as being turned / under construction to juke up occupancy rates. All matter of BS to pump numbers. I am not even in the industry and I've seen this stuff first hand.
>Had a 4 hour call to fix a bug , 1 on 1, never got distracted,
So here' what is missing from a lot of modern work. The stuff you're doing requires input from multiple people. The overhead for 6 hrs of actual work is 60 hours of scheduling, meetings, additional people, your-court-my-court.
Meanwhile, semi-spontaneously spending a half day on something because "good progress" is something people hide. what kind of a ridiculously long "meeting" is that?
"Meetings" as a concept, has replaced working with people.
> Had a 4 hour call to fix a bug , 1 on 1, never got distracted, no one butted in, no one asked to go out for lunch, coffee, had some bs made up management emergency that required everyone.
You had a 4 hour call and didn't take a single break for lunch or coffee or even just to stand up and stretch legs?
I can walk around my home office, go downstairs make a coffee without having to navigate society and social structure in the office. Put myself on mute for 5 minutes... Unless you are already hiding away from everyone in the office, good luck doing the same on a floor, and good luck not having someone run up to you to say oh hey can you come take a look at x,y,z.
Not really, they were hired because they were cheap and available. I've seen some great work from our India teams, the main problem is they aren't local so a big communication barrier. WFH people are similar, except no time difference.
Every post about how I overhead some conversation, the problem is you not knowing how to manage people. There are field workers, trades, all of India working remotely, always, long before Covid.
Had a 4 hour call to fix a bug , 1 on 1, never got distracted, no one butted in, no one asked to go out for lunch, coffee, had some bs made up management emergency that required everyone. No one told me that x,y,z brought apples and they are in the kitchen. My working day has more working hours than it ever did while living in NYC because as everyone knows ~20% of your waking hours are spent commuting.
Oh I remembered my all time least favorite activity, where we pile into a room to eat team lunch with plastic utensils off paper plates, while someone from some management organization tells us how we should see the world… yeah no thanks. I wonder why is there is no demand for commercial r/e oh that’s right because unless you are a unicorn company or actually physically need to be at a location to perform a task, the vast majority prefers working from home.