Viewing a single comment thread. View all comments

mr_feenys_car t1_ja8w53f wrote

Reply to comment by BigMoose9000 in Midtown Owners Hedge on Costly Office-to-Home Conversions by psychothumbs

my company is in this situation now.

signed a 5-year, full-floor lease immediately before the pandemic. absolute worst timing for it. during COVID we shifted to a more dispersed org structure.

outside of a few corporate on-sites and team-building days, no one is in the office. i go in once every couple months just to switch things up, but it's a ghost town. can't even use it to host client-facing meetings, because it makes us look like a scam company.

28

WatchesAndNYC t1_ja9lxca wrote

A company I work with did a 30 year 10 full floors of a building in 2018, and the staff is now completely remote except a small team I’m on that meets there once a month. It’s absolutely insane to see it so empty. All that space, all that money, just going to waste. They leave the lights on 24/7 just to help the city look a bit more alive haha

11

columbo928s4 t1_ja9tke0 wrote

can the company not sublease it out?

1

pedalbot_0785 t1_ja9z42e wrote

to whom tho?

10

columbo928s4 t1_ja9zsd8 wrote

yeah i mean that's the big challenge, but i assume if they're willing to take a substantial haircut on the $/sqft they can find a tenant, and having a tenant pay any portion of their fixed lease costs seems preferable to just eating the full cost of a 30 year 10 floor lease if they are legitimately never using the space

4

ctindel t1_jadwcvl wrote

Signing a 30 year lease for office space just seems so stupid at face value anyway even before the pandemic.

1