The news: Tech companies are abandoning real estate, leaving US cities with rising office vacancies.
Glut of space: The office abandonment trend is a reversal of Big Tech’s bullish gobbling up of real estate in recent years. With companies like Google-parent Alphabet continuing with headstrong expansion.
Workers vs. real estate: The reason behind tech’s acquisitions was to win the talent war with amenity-filled workspaces. But less space is needed with fewer workers on payroll due to layoffs.
This article originally appeared in Insider Intelligence'sConnectivity & Tech Briefing—a daily recap of top stories reshaping the technology industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.
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