Is This The Sign Of The Times? Meta Expects To Pay $2 Billion In 2022 To Back Out Of Office Leases

Bisnow October 27, 2022 reported “Dave Welner, chief financial officer of the company that owns Facebook, Instagram, WhatsApp and other platforms, said on its third-quarter earnings call Wednesday that Meta expects to lose roughly $2B from its cutback on office leases this year.”. Then today Meta said it was slashing 11,000 jobs.  Lyft is trying to sublease half its San Francisco offices, Yelp is closing offices, Stripe, Twitter, and many other tech firms. My opinion is this trend will get worse before it gets better, especially if the Fed raises rates one or two more times. Just think, if we didn’t have such reliable, fast home Internet much of this work-from-home phenomena would not be possible.