Forget the corporate RTO double-speak babble about collaboration (blah, blah, blah).
THIS is what's driving RTO:
https://markets.businessinsider.com/news/commodities/commercial-real-estate-crash-office-building-prices-remote-work-pandemic-2023-7
4 replies (most recent on top)
@8wce+1nAA6BHR - you miss the point. It's not about the bank's own space (which you correctly point out is mostly leased these days.)
The point is that BAC, JPM, etc are sitting on a helluvalot of commercial real estate (CRE) loans, which they would like business/corporate clients to keep current and pay back.
Which the clients cannot do if their the lease-per-square-foot prices they rely on for income sinks and/or their commercial properties remain empty.
This is a material part of BofA's overall loan portfolio.
Plus, mayors, local, state and federal govt pressuring large employers to support downtowns and economies.
The bank leases most of their office space in buildings across the country. They sold most of their large buildings and lease back the space they need. You're way off base here.
This was a plan from 10 years ago Shows how behind the bank the times and stuck in the past the bank is. They wasted so much money on these cheap remodels. The buildings are still dirty and disgusting
All I can think of is the wasted money to update all of our spaces to the open floor plans. It’s so stupid and a horrible concept.