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The people pushing for "Return-to-office" are by and large people who have substantial portions of their personal wealth invested in commercial real estate. Mos
by rfwhyte 3y ago
The people pushing for "Return-to-office" are by and large people who have substantial portions of their personal wealth invested in commercial real estate. Most wealthy individuals hold at least some real estate in their portfolios, and commercial is much easier to invest in at scale than residential, so the wealthiest folks often have a sizeable chunk of their portfolio wrapped up in commercial real estate. This whole "Return-to-office" thing is a bare-faced lie, as it has absolutely nothing to do with "Productivity," "Creativity" or whatever other BS these people are spewing, and EVERYTHING to do with shoring up the value of their commercial real estate holdings.
It's a lot less PR friendly for them to be honest and say to their employees "You need to spend 2 hours a day in a car in traffic, whilst not being compensated for that time, so the office building I own doesn't lose value" though.
- librish 3y agoDo you have any source for this? It does not match my experience at all.
- throwaway-blaze 3y agoIt may be less about personal wealth than decisions made about corporate real estate by the execs before the pandemic...T-Mobile US decided to renovate its corporate campus for north of $100mm just before the pandemic...the work completed during the pandemic and so starting last Sept it was RTO 3 days per week ... and your manager did get "badge swipe" reports, as did the chain up to the CEO.