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They don't directly care about CRE. But their wealthy friends (and most likely most F500 CEOs) own or are invested in CRE. By convincing all their CEO friends
by jedberg 3y ago
They don't directly care about CRE. But their wealthy friends (and most likely most F500 CEOs) own or are invested in CRE. By convincing all their CEO friends to force RTO, they can boost the CRE. Also some of biggest companies are effectively invested in CRE because they built huge campuses and while those are technically owned by others, they are in super long term leases which require them to have a certain number of people there every day, as well as local tax breaks that they get for having a certain attendance.
- buffington 3y agoCan you link to an example of a lease that requires a certain number of people be there every day? I used to have a business that needed office space, and of the several buildings we used over the course of about 10 years, not a single lease ever cared about how many people would show up every day. The closest thing to that would be related to max occupancy and parking spaces. The leases would always have to specify how many people could be in the building at most for fire code compliance, and that number determined the number of accessible and normal parking spaces. Regarding tax breaks, I never saw any, but that was pre-pandemic. That makes more sense to me, but leases requiring minimum attendance counts seems like it could be an oft-repeated myth.