"Communications technology had advanced to the point of making offices and cities obsolete," he said. "Square footage per employee dropped considerably, .."
"Change is upon us, and often time change is messy," he said. "There will be ghost office buildings (like malls of the past two decades)."
Frank Inc. Is waisting cash and talent.
https://www.foxbusiness.com/media/americas-offices-emptiest-least-four-decades-according-report
I've actually heard the word "obsolete" pop out of clients mouths.
Seems more lately though.
Lots of clients squirming to get free right now.
Thanks for posting that article. It was a great read. I had to chuckle at the billionaire commercial real estate developer saying WFH was "Bad for business. Bad for cities. Bad for people." He's dead wrong on the last and the only business it's bad for is ... commercial real estate. Cities will have to get creative in order to reuse the space.
I do understand that sinking commercial property values means sinking property tax revenues, but saying "Because both the investors' portfolio and property tax revenues are dropping, you have to drive an hour to and from an office" is neither convincing nor motivating. That said, at least it's more honest than the "you're more productive in the office" mantra.
I got the biggest laugh at the developer thinking a 2 star Michelin restaurant will entice people to come into the office. Oh yeah. The worker bees are super jazzed at the thought of dining at a Michelin restaurant during their 30-minute lunch.
Zero. Hence all of the "RTO or GTFO."
You see how hard these CEOs are pushing this agenda, they aren't going to let go of that commercial real estate income easily.
How much profit does an empty commercial building make?
Do you think Blackrock, Blackstone, costar, etc. are going to give up their sweet-sweet-commercial-real-estate-profit? Assuming the local gov't would re-zone the property from commercial to residential, the commercial real estate owners aren't going to give up the profit differential without a massive fight. I mean we're talking about the same companies who bought up houses during the pandemic and other resent economic downturns, so they can overcharge rent today.
Empty office buildings should be repurposed for housing. We have a housing crisis in this country. Short 3.2M houses.
Zero should be more than enough.
4 days!!!! 4 f**king days!?? Whyyyy!?!
2,3 should be more than enough.
I am a retired member of the Fiserv IT community and after years marching around servers and datacenters, I will guarantee you that Server 2012 means nothing to wall street or shareholder value. Keeping it around is dangerous of course, but nobody but IT folk really give a damn. And if management does not back or care about the IT functions in the company, the IT folk don't give a damn either. Such is Fiserv
60 Minutes last night had a segment on how many empty offie buildings are in NYC
https://www.cbsnews.com/news/real-estate-owners-saddled-with-half-empty-offices-as-hybrid-work-continues-60-minutes-transcript/
Tell me you are old without telling me you are old....
"This is not the case."
Frank is the guy promoting steam trains back when Henry Ford was finalizing his automobile assembly line. Technology is king, always has been.
It's even more asinine when you work for a technology company lol.
To"This is not the case"
Followed by a silence as we are all now feeling d-mber for having read that. In no way did it help anyone at anytime.
Great defense by the way..
I didn't catch that, but then I generally avoid giving attention to mind numbing liars like FB.
That being said, there were MANY calls where FB had to admit productivity was as good or better on average during the pandemic than before. If anyone has those videos, they should get them out to any news agency, YT, or Podcaster they can that reports on this stuff.
Frank does not care. Didn’t you see him on CNBC last week saying productivity at Fiserv cratered during the pandemic and has come back since he made everyone return to the office. He’s convinced he is right. Sad thing is he is willing to destroy a company and let great talent leave because of this.
tet+1qzceBMy
It’s the case in many places. The more the old dinosaurs like Frank stick to the old way the faster their demise. Talent will and already has gone tawau to those more in tune. It’s only a matter of time. Fiserv was built on talent. It can’t last the way he’s going.
This is not the case