Thread regarding Verizon Communications Inc. layoffs

Real estate

With so many office buildings sitting half empty, it raises an interesting question:

What if companies sold some of their real estate and embraced a truly virtual workforce?

Many offices already feel sparse, with some departments coming in fewer days than company policy requires. Meanwhile, businesses continue paying for office space, utilities, maintenance, security and other overhead costs.

Could those savings be better invested in employees, technology, innovation, or customer experience instead?

Remote work isn’t the right fit for every role, but for many positions, the traditional office footprint may no longer make financial sense.


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| 924 views | | 12 replies (last ) | Reply
Post ID: @OP+1kxxcsb9p

12 replies (most recent on top)

@jw Unfortunately the current BR lease ends in 2035. Hard to believe we'll see it 'close' anytime soon.

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Post ID: @jx+1kxxcsb9p

@fj would basking ridge ever be on the chopping block

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Post ID: @jw+1kxxcsb9p

@eg So, your solution is a housing bo-m in an area with no employment left? You want to create ghettos on purpose? Why?

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Post ID: @h3+1kxxcsb9p

Many Verizon buildings are on the chopping block and some will be leased out. Hold on for the ride folks.

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Post ID: @fj+1kxxcsb9p

If we’re talking macro and not just VZ. What should have happened during COVID is cities should have rezoned empty office space to residential. This way those spaces could be repurposed to housing inventory and thus relax the shortages of housing we experienced during and after COVID. However these things just don’t happen overnight. For instance Verizon sold Hidden Ridge (Irving office) 10 years ago. Then signed a lease to rent it for 20 years from the buyer. So now they’re stuck leasing this building another 10 years or paying out most of the remaining years of lease payments to get out. So I do think these sort of rezoning and returns to WFH are likely to happen but because of previous contracts on property it’s a decade plus type timeline that just is what it is.

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Post ID: @eg+1kxxcsb9p

@OP Please tell me, with so many companies going the work from home route, who is left to buy up, or rent out these spaces Verizon is trying to get rid of?

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Post ID: @dz+1kxxcsb9p

@ce maybe it's the Vulcan Mind Meld, "My mind to your mind, my thoughts to your thoughts, my working from home forever..."

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Post ID: @cf+1kxxcsb9p

Sounds like someone who doesn't want to lose their work from home gig is trying to Jedi mind trick the powers that be.

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Post ID: @ce+1kxxcsb9p

Even Basking Ridge sits very empty. Did we just lay everyone off?

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Post ID: @ca+1kxxcsb9p

@az shutting down the office is to prevent employee to enter the building, but Verizon is still paying the rent until the lease is ended

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Post ID: @b8+1kxxcsb9p

Where have you been. They’ve been shutting down every office they can.

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Post ID: @az+1kxxcsb9p

Most of the real estate is rented, so just gotta sit on it until the rental contract is up. Thats the trouble wth contracts of 10, 15, 20 , 25 year contracts.

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Post ID: @a8+1kxxcsb9p

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