Thread regarding State Farm Insurance layoffs

A slow and painful shrink at Newark

I know this isn't exactly breaking news, given that it was announced earlier but it’s a sad reminder of how things are done at SF these days. I don’t see anyone with any common sense in them buying this story about flexible real estate strategies and reducing leasing costs. This move only shows the intention to keep reducing Newark gradually until it shuts down, and it just makes me wonder why couldn't the company officials be at least upfront about this, and not let the Newark workers lose their jobs in a long and painful process. Think the worst is yet to come for the guys at Newark

https://www.newarkadvocate.com/story/news/2018/10/10/state-farm-shrink-footprint-newark/1588489002/

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| 1881 views | | 3 replies (last October 22, 2018) | Reply
Post ID: @OP+VFvccqV

3 replies (most recent on top)

Did you think they were building 4mill square feet in the hubs for nothing?

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Post ID: @6rzp+VFvccqV

About 5 years ago SF signed a 20 or 25 year lease for Tulsa OK. That office will be closed in 2019.

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Post ID: @1lrs+VFvccqV

Unfortunate but not surprising.

Don't be fooled by the lease renewal. It will close way before the next 5 years. Cheaper to pay the lease on a vacant building than to pay the lease and house employees.

Ballston Spa is also on the radar.

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Post ID: @fvx+VFvccqV

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