Why Facebook is Closing 50% of Offices


Mark Zuckerberg just made a huge announcement . . .

50% of Facebook employees will work remotely within the next five to 10 years. The announcement comes as Facebook plans changes in the post-coronavirus world.

The Facebook news is the latest sign that work and life in America will look different for years to come. And it’s all part of . . .

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Facebook will start allowing senior engineers in the U.S. to work remotely. New recruits will also be allowed to work remotely. And team members with strong performance will be allowed to apply for remote status.

Within the next decade, Zuckerberg expects that 50% of Facebook employees will be working remotely. Facebook currently employs over 45,000 people.

There are several important things to consider.

  1. Facebook could reduce its office space by 50% as the in-office headcount shrinks
  2. Employees working remotely may earn less – depending upon their location
  3. Recruiting remote workers could improve the talent at Facebook

Facebook realizes that the outbreak forced employees to work remotely. And the company – and employees – may actually prefer working in this manner.

The benefits of having less time commuting are significant. Plus, it can provide more convenience for team members.

Many businesses are re-opening their offices today. At the same time, many companies will be reconsidering how they want to operate in a post-coronavirus world.

Talented employees have proven that they can be effective working from remote locations.  And businesses are likely to be more willing to allow work-from-home moving forward.

Twitter CEO Jack Dorsey already told his team that they can do remote work indefinitely. And Coinbase says it would be a “remote first” business even after the pandemic ends.

Tech companies are better able handle remote work  than other industries. Large parts of America’s economy are simply unable to operate remotely – including most of the service and manufacturing sectors.

The impact of more people working from home  will certainly affect the real estate market.

Companies that continue to operate physical locations may need more space, in order to provide social distancing. Yet others will be able to reduce their office space as more employees choose to work from home.

There will certainly be a shift in the commercial real estate market. This could be a real negative for real estate investment trusts (REITs) – and their shares may remain under pressure.

Companies around the world are figuring out how to re-open for business. . . and how to operate in a safe manner during this pandemic.

Right now, we’re in the early innings of America’s Great Comeback. This will be the country’s greatest recovery since the Great Depression.

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Ian Wyatt

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