Celebrities on Corporate Board of DirectorsSeptember 30, 2020
Facebook has just made a huge bet that people will return to work with the leasing of The Farley building which used to serve as the main post office building in Manhattan. This lease adds another 730,000 square feet bringing the total to 2.2 million square feet in Manhattan’s West Side. This area is becoming a tech corridor with the rest of FAANG (minus Netflix) also owning office space there.
However there is one huge problem… we’re in the middle of a pandemic and may be halfway through a paradigm shift towards permanent work from home. If/when all of this is over, are people still going to spend hours get ready, commute to work, go up to the office, coming home then doing it all over again?
Second are people even still going to want to live in New York City? I can see some of the potential turn offs with the city being crowded and expensive during a global pandemic and recession. Taylor also mentioned how the city smells bad but the only thing more garbage than NYC streets are Taylor’s takes. I’m proud to be from nearby Long Island and I go back up to the city at least once a year. New York City is the pinnacle of culture, arts, food, nightlife, finance and soon to be technology as well.
I think Facebook and other tech giants are making the right bet and ultimately the office space will be a useful asset for them!