Thread regarding Cisco Systems Inc. layoffs

This is here to stay
Expect major cratering of rent/property prices in large cities over the next couple of years minimum

It’s a perfect storm
Property prices/rents were already due a correction in cities like SF/London
Jobs are going remote so less demand for office space
Jobs and incomes being lost so folks will want out of their expensive rental agreements/properties ASAP

Anybody interested in buying s low income housing unit in Pleasanton CA? Very reasonably priced at $1.2M for 1800 square feet.

Since I took the ER I’m finally getting out of crazy CA.......

Well an impending major earth quack is about to hit SF as punishment similar to what happened in Sodom and Gomorrah.

The City rents are dropping, not much though. The Valley rents are unchanged.

Why are you Americans complaining about silicon valley rent? I work in the Hong Kong office and our rent and housing cost is the highest in the world dwarfing California. The valley can't be that bad. I

work from anywhere is the new reality
dinosaur 🦕 companies will have traditional offices
the rest will be 💯% remote

Santa Clara dropped only 15 pct though...

I would say the city being “closed” is the major driver. Among my group of ~40 coworkers, about 30 (including me) have left the city. As far as I know all but one were renting.

Everyone who left gave the following rationale:

• we can work remotely so move wherever or nomad now
• SF is not very fun during the pandemic
• WFH in my tiny apartment is much less enjoyable than when I was working in the office and didn’t spend much time in the apartment
• therefore I’m moving for a year or so until things fully reopen

Now I think the question is what does the eventual full reopening look like and how long does it take?

Many people will move back, because many office jobs will return, and many people love city life and the office work environment (including me).

But the longer things take, the more people get established elsewhere, and the more companies decide to make remote permanent and don’t reopen an office, the more I think this market reset in SF will be long-lasting.

Prices are still very high, and new construction remains far from sufficient to keep up with demand.