It's only a matter of time before we'll be expected to start going in five days a week. The bank just renewed the lease over the San Francisco office for a full decade. You don't make that kind of investment in office space unless you're planning for it to be used to its fullest capacity. I also don't see why any other location would be different. If it's going to be full RTO for one location, it'll be the same for all. I'm not being a defeatist, just a realist.
24 replies (most recent on top)
I'll never give up hope! RTO must go!!!
If SFO is still supposed to be our HQ, the Charlie and company need to be in SFO, not NYC
Or OP, maybe WF got such a good deal, that it makes sense to make that 10 year lease. Trix are for kids.
2 days a week is not a pilot. my department is doing it too
its just temporary
Renewing a lease for 10 years does not solidify 5 days per week. Why not get a good rate now? Just sublease out any space not to be used. It is HQ after all.
From my very personal observation, I have been to two different office locations since RTO started to do my 3 days a week and I can tell you neither location has many people, EVER. No way people are doing their required 3 days a week. Workstations are practically 70-80 % empty. At least that reduces my chances of catching Covid or other nasty bugs….but not much water cooler collaborating going on where I am ….it’s a bit of a joke, really …
What groups are piloting 2 days a week in the office??
As the saying goes, they can "want" in one hand, and "po-p" in the other... and see which one fills up first. I'm staying remote.
I went into the office and was alone until 10am.
@kfm+1hoYDOH8 - are you at Lake Street in MSP?
I’m not the OP, but why are people down ticking this post? OP is just stating the facts, not agreeing or disagreeing with RTO.
Unfortunately, he/she is probably right. I do not agree with RTO, and I think WFC leadership is too outdated to take the modern high road. But I’ll bet ya our lame C- Suite has “butts in seats” before the end of the year.
They may want 5 days, but from what I'm seeing, employees are moving in the opposite direction.
Today I am sitting in what was once one of the largest office facilities in WFB's portfolio (by number of employees). I have seen a total of zero other employees in the general seating area. And this side seats a couple hundred easily.
Parking used to be a nightmare here. Today I am parked 10 feet from the entrance. Sure, it's a Friday, but numbers here seem to have peaked a couple of weeks ago and are now trending back down.
Hey Schart, maybe you should get back to work... or better yet just keep practicing lame guitar riffs on that $50k Les Paul you just picked up.
I just don't go into work anymore... Don't care if I am on a list or not..
So are no other groups going to 2 days a week? Guess that's why they said in our email a pilot program.
Guys, please give up on the RTO campaign. The Bank is not going to reverse things. It sucks, but we don't get to make the decisions on RTO. Our decision is what to do based on individual circumstances. Me? A few years to when I can afford to retire and then I'm out of the ciaos called a Bank.
Wells Fargo Bank has recommitted to leasing over 620,000 square feet of office space in San Francisco.
Sources with knowledge of the transaction confirmed on Thursday that the bank closed on a deal to renew its lease at 333 Market St.— a Columbia Property Trust-owned-building it has occupied since 2018— for another decade.
The renewal follows Wells Fargo's exit from 45 Fremont St., a 34-story skyscraper where the bank most recently occupied about 146,500 square feet, ending a 20-year-tenancy. In April, Wells Fargo confirmed that it will sell another 13-story downtown San Francisco building it owns at 550 California St. as it implements cost-cutting measures, including trimming its real estate footprint by 7%.
Ha...which building? 420 Montgomery is owned by WFC.
You can stop wth the trolling. It's only a matter of time until a starved troll goes away.
Local/City government plus all large banks are invested in the commercial RE market and have an obvious interest in keeping all these large buildings occupied. This is a silent agreement between all with a stake to promote a vibrant downtown.
If inflation gets any worse, we'll all be eating cheap dog food (snouts, beaks, eyeballs, earlobes, peckers, "gravy", etc.).
We won't be able to tell the difference between being employed or laid off.
San Fran is one of the core locations in the location strategy, which has 15k employees. CLT, DSM, PHX, and MSP all have similar or much higher employee counts and one building in one site isn't an indication of anything. We've made 200 billion in the last 10 years and make about $55 million every single day around here. I think we can break a lease if we want to. Corporate lease renewals for 10 years is pretty typical.
property management never was very smart here. In a year they will be trying to sublease it. I don't have time to pretend to go into the office, I'm trying to cover for all the people quitting daily.
how many buildings did we renew the lease on? don't we have like 7 buildings or parts of buildings?