Wednesday, June 19, 2024
ad
HomeNewsMicrosoft, Meta vacate office buildings in Seattle and Bellevue after layoffs 

Microsoft, Meta vacate office buildings in Seattle and Bellevue after layoffs 

The ongoing work-from-home and layoffs have cut into demand for office space in Seattle and other tech cities in the US.

Meta and Microsoft are vacating their office buildings in Seattle and Bellevue in Washington State as office rentals drop in the city of San Francisco majorly amid remote work and massive layoffs. The Seattle Times reported that Meta is currently reviewing the leases for Seattle-area office buildings. 

Facebook has confirmed its plans to sublease the company’s offices in the Spring District in Bellevue and downtown Seattle. Microsoft also confirmed that it will not be renewing its lease for the 26-story City Center Plaza in Bellevue when its lease ends in June 2024.

The ongoing layoffs and work-from-home culture have cut the demand for office space in Seattle and other cities in the US. In November, Meta announced layoffs of a total of 726 Seattle-area workers. A Meta spokesperson explained that given the economic climate, the company is trying to be financially prudent.

Read More: Createra Bags $10 Million To Build Gen Z-Focused Metaverse Gaming Platform

According to commercial real estate agency Colliers, the Seattle office market is struggling, and the total office vacancy now stands at around 25%. Even non-vacant offices are often half-empty because of the remote work option.

Connor McClain, senior vice president and leasing expert at Colliers, said, “Given the macroeconomic conditions and the hybrid work trend, we believe we will see an uptick in office vacancy over the next few quarters.”

Subscribe to our newsletter

Subscribe and never miss out on such trending AI-related articles.

We will never sell your data

Join our WhatsApp Channel and Discord Server to be a part of an engaging community.

Sahil Pawar
Sahil Pawar
I am a graduate with a bachelor's degree in statistics, mathematics, and physics. I have been working as a content writer for almost 3 years and have written for a plethora of domains. Besides, I have a vested interest in fashion and music.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular