Meta said it plans to sublease its offices at the six-storey Arbor Block 333, on Eighth Avenue North in downtown Seattle, and in the 11-storey Block 6 of the Spring District in Bellevue. The company, which is headquartered in Menlo Park, California, said it is also reviewing leases for other Seattle-area office buildings.
Meanwhile, Microsoft, which is based in Redmond, said it won’t renew its lease at the 26-story City Center Plaza in Bellevue when it ends in June 2024.
Technology companies prefer remote working
Both Meta and Microsoft have embraced remote working – a trend that became a norm during the Covid-19 pandemic. The companies have also reduced the headcount at their offices to maintain their books at a time when the world is bracing for a recession.
Meta spokesperson Tracy Clayton told Seattle Times that the leasing decisions were driven by the company’s move towards remote, or “distributed,” work. However, he acknowledged that “given the economic climate,” Meta was also “trying to be … financially prudent.”
As per a Microsoft spokesperson, its decision about City Center Plaza is part of an ongoing evaluation of the company’s “real estate portfolio to ensure we provide an exceptional place to work and create greater collaboration and community for our employees.”
Twitter Singapore office vacated
Last week, Twitter employees in the Singapore office, which is its Asia-Pacific headquarters, were walked out of the building for non-payment of rent. Casey Newton, who is a writer at The Platformer, said “landlords walked employees out of the building.”
Last month, Twitter was sued for non-payment of rent for its San Francisco headquarters. The social media company has recorded a massive drop in revenue as several brands stopped advertising on the platform.
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