Hybrid work leaves offices empty and building owners reeling | 60 Minutes
Hybrid work has put office building owners in a bind and could pose a risk to banks. Landlords are now confronting the fact that some of their office buildings have become obsolete, if not worthless.
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As an office worker I can wholeheartedly say, we don’t care. We are tired of commuting costs, parking costs, $15 ham sandwiches for lunch and not having raises that match up. Woe is me. 😢
Beautifully said!
Hear, hear!!!
Or getting mugged and then the criminals get let go a few hours later. Cities are ran like garbage (bad Democrat policies), why would anyone want to work in a city?
Bring your lunch to work it'll save you 15$, i wish i could stay at home to keep your power on but I can't.
Maybe if you didn’t vote for Biden your measly paycheck would still go a long way.
The one guy who thinks remote work is horrible is the guy who stands to lose millions because of it. Shocker!
Yes, he is biased. However, I do think the ritual of going to work is good for me. Getting dressed up a little, socializing, change of scenery, etc... Zoom calls are brutal.
@@surebrah I don't mind a hybrid setup - spending a couple of days in the office and then the rest at home to actually get stuff done. I never found my time in the office to be optimally productive. I need some time where I talk and communicate with people but then the rest of it is solo work. Of course the talking could be via Zoom but if I'm at the office I can have some good conversations with people who are there. Sometimes those conversations are unrelated to the work I do, but I get a feel for what else is going on.
Never take advice from a person with a vested interest in the outcome.
@@surebrahthe issue is that a lot of jobs don’t need a permanent cubicle in some building. CEOs in many industries (except real estate) now see they have been able to get record profits using less office space allowing people to work in office only 2/3 days per week. They see the cost savings of ditching offices and are going for it and Wall Street is rewarding them with higher stock prices.
Exactly😂
No one with any power in America actually enjoys people having options. They thrive when we’re stuck.
Preach queen 🗣
Those building owners just need to pull themselves up by their bootstraps and work harder.
Working from home isn’t a societal problem, it’s a huge benefit.
Since the pandemic is not over as most people wpuld wish to, it is still a safety and health measurement.
I would not want to work from my tiny apartment...
I laughed so hard when I heard that.
And yet you live there lol. Maybe work from there. And then in your free time you spend away from there.@@iamcleaver6854
he's saying that because his stock went down 50% 🤣🤣🤣
Being able to work from home is one of the best things that’s ever happened to me.
Organize a Work From Home America Association to fight back and keep it that way.
Avoid traffic, let others to breathe, zoom meeting for 5 days, then social gathering weekend, very productive
As a matter of fact, university dorms should be allowed to be replaced by home. Students complaints on room mates behaviors will be gone. Zoom classes will be pollution free. Come to campus for final exams. Save time and money
Turns out it’s more efficient too.
Same
Convert that empty office space into more affordable housing
You will never be able to shame me into going back to work in some office building. My remote job matched the pay of my last job, full benefits, and the positive of being able to hang out with my dog while I work.
I'd rather hang out with people than a dog.....enjoy your home work.
@@roasthunteron behalf of remote workers across the globe, we will.
That dog is a real selling point.
Saves money in many ways. Child care a big issue too. Even dogs as they need to pee lol.
@@roasthuntervideo conference
It's disgusting to call something "the biggest societal problem" (5:59) because it hurts your bottom line. Work from home has been the best thing that's ever happened to me!
Also you're supposed to feel bad for a guy who owns a sky scrapper in NYC😂😂😂😂. Poor guy😂😂😂😂
Some people are saying it’s going to be bad for business.
@@steverogers7601 that's the thing with the free market... you shouldn't try to prop up businesses that don't work. If your business relies on workers unnecessarily being forced to come into the office, maybe it's the business that is the problem
@@steverogers7601that maybe true, but you cannot stop progress from happening, especially when the vast majority of people want it. Businesses need to adapt to the current demands and conditions of the market, like the successful ones have done in the past.
Yes
Funny how work from home is "bad" to a commercial property CEO lol.
Anything that hurts his stock price is bad for society/business/people.
Yes and he spoke like someone that has no personal responsibility to take care of children or elderly parents because he can hire nannies, nurses, home health workers.
Greatest "societal problem" - yeah right.
@@GameFuMaster it's immoral to make the rich slightly less rich /s
exactly, the rich commercial real estate landlord acting like "the internet never happened." and colluding with the banks and other businesses to orchestrate everything and force "back to the office" that is totally unnecessary for many many workers. the internet isn't "going away" someone should tell this group of "business geniuses" who couldn't see the writing on the wall 20 years ago
I serve in the Navy Reserve. Sometimes on drill weekends, we drill from home by completing our training courses online. Even the military is adopting a work from home model.
That’s dope
Why’d you join the reserves? Why not go active?
Good to hear!
@@Me-eb3wv because I have other things in my life that matter besides the military.
Remote work needs to be curtailed in order to support building owners? That's moronic.
I've also heard that it's needed to support local restaurants and coffee places.
"WFH is bad for people" Ive been WFH 4 years and im the happiest ive ever been in my life, it is true freedom. Ill take a pay cut before I go back.
you all need to organize a Work From Home America Association to lobby the hell out of the government to fight back against these highly entrenched billionaire commercial landlords, banks, and other "trickle down" mafia colluding and trying to force "back to the office" that is total nonsense and totally unnecessary for many workers because of the internet. If you don't organize and fight back, the special interest "trickle down" concentrated wealth and power behind these so-called "valuable office properties" are going to keep colluding and lobbying the government, trying to force this "back to the office" nonsense. And if they don't succeed they're going to try to pay cut you. You all need to fight back. There should be absolutely no pay cuts by your working from home. You are doing same job as before, online, and probably even doing it better, and at the very least, you should always be getting same salary and benefits whether you're doing that job at home or in an office, makes no difference for pay and benefits. Work from home people need to organize and make sure there are no pay and benefits cuts by these bloodthirsty office landlords, banks, corporations and "trickle down" mafia that are trying to orchestrate forced "back to office" nonsense. Your company is paying you for your education, time, work, training, experience, NOT whether or not you're in an office.
You aren't alone. Almost all studies lead to the same conclusion as you. The only people complaining about WFH are micromanaging companies and those who stand to lose billions of dollars on corporate real estate. Surprise, money drives all their decisions.
you are absolutely right. I started WFH in 2017 before the pandemic and everyone thought i was crazy doing this - until covid hit and the world realized how great it is
I would literally prefer to start my own business even if this means being poor than go back to office 😂
Exactly. There is no way I'm going back to office. Done that for 15 years and never again. Been working from home for 11 years now. No boring and dangerous commute, I can hang out with my dog while I work. I don't have to spend money on gas/commute. And it saves the company money as well. And I'm actually more productive working from home.
"It's bad for people" 4 years into working from home and I don't think I will ever discover a "bad" reason for working remotely.
What he means is that is bad for people like him.
I know, I was thinking the same thing. I don’t know about anyone else, but it is stressful driving downtown to work, going through security, and all the other crap just to make it to the office besides the tear an cost to my auto. Thank God for remote work!
Yes wfh has been great for me and the environment.
@@louismilum3669 tell me about it. i had a recruiter told me to just get a new cheap car for a hybrid job and i was thinking why though? whatever meager raise i'd get with them will all go to the car and i'd end up spending more for maintenance and insurance. may as well stay my current hybrid job.
As an electrochemical engineer and a material scientist, I cannot imagine why I would want to work from home
The guy who is against work from home: "it's bad for business, bad for cities, and even bad for people" In other words... "It's bad for me, and for me, oh and of course, for me"
Being in an office was all about being watched to make sure you were 'working' at your cost and inconvenience. Those days are gone
Without people, managers don't have a reason for a six figure salary. People who do the work, get the credit. I laugh when I see all the marketing of 'REITS' as the current hottest investments, knowing they're all doomed. Remote workers are not going to return the toxic work environment without a fight.
And it didn't even work. There's people that showed up early everyday to do as little as they can possibly get away with and be nothing but a drain on everybody.
Am I supposed to feel bad for a guy who owns his own skyscraper?
Schadenfreude
yes
And has plans to build his own "trophy building"! Bahaha #unrelatable
🤣🤣🤣
Yes. You're supposed to side with rich owners against the workers. This is what corporate news has been saying for years.
We, the remote workers, don't care about their bottom line. Our work/life balance is priceless
You will when they cut your wages. They always win.
Won't someone think of the rich people!? 😂
@@BreakingGaia without these demonized rich people, you wouldnt have many jobs. I know I wouldnt want to take the financil risk and responsibility of owning a business. Yet this odd little lie mainstream media propoganda, still persists.
@@BreakingGaia I feel so sorry for them, let me play a song on the world's smallest violin.
I have sleep apnea and it makes so much of a difference to me to work remote. I got fired or in trouble at so many jobs for being late. Unless you have the condition it’s hard to understand. People can threaten you all they want; it doesn’t change anything and actually makes the condition worse as you lose more sleep worrying about if you will be able to get good sleep. I even fell asleep once driving home from work on the highway. I’m so glad I don’t have to deal with office BS anymore.
See a specialist and get that prescription for a CPap or BiPap machine. Makes a huge difference. Also see an Eye Ears and Nose specialist to make sure your sinuses are not obstructed - benighn polyps in my case.
@@carlfromtheoc1788 Thank you; did both. The CPAP machine caused me issues sadly - my throat would randomly slam shut in my sleep. Thankfully no polyps.
Work from home is not bad for people. Its bad for that guy financially. He is quite happy to make life harder for American families because its profitable for him.
The fact they are freaking out tells me that folks are doing what’s right. Less cars on streets, less cost all around
Less commerce, stores going out of business. Lost city jobs, lost repair maintenance business. It’s not a good thing
Good. I hope they keep freaking out and cry about it.
@@JayBelafontenobody has to work in an office if it’s not needed so they can collect money. Gotta find a new way. They’re only losing the money they got from inflating prices. All landlords are feeling it they’re not special and have way more money than the average landlord
@@JayBelafonte Those jobs and commerce will move elsewhere where they belong. With all of the money saved on expenses from people not needing to commute they will have more money to spend in the economy elsewhere on things they actually want. There is also the MASSIVE savings in time which is hugely beneficial for both business and leisure time. People literally spend a huge portion of their life just sitting in a car not being able to do anything productive at all.
@@JayBelafonteno, people still need to eat and shop. It simply means the current location of shops are not designed to last.
For yrs, employers told employees "there is no way you can work from home." and now we know it was a Great Lie.
It's been a lie for quite a number of years. The pandemic just exposed the lie.
It is about control
nailed it@@johnhender
It wasn't a lie, it was opinion. Until covid there was no evidence to support wfh
Agreed. Even bigger than the Maga lies
The ability to work from home has been one of the few positive things in my life since COVID started. My commute is an hour and 1/2 each way when I go to the office once a week. Nothing can top being able to roll out of bed and commute two feet to my laptop.
Maybe you shouldn’t have taken a job with a 90 minute one way commute to begin with?
@@BlownMacTruck Thanks for the compassion, You have to go where the work is and not every job is close by! Sounds like you have lots of options so good for you.
Work from home bad for people?! Let's not forget how insanely expensive it is to live in a city this day of age.
And they, the developers of commercial and apartment buildings in the downtown areas, made sure it became prohibitive to live and commute there.
I’m encouraged from the comments here that it seems most people are not falling for the propaganda that work from home is bad for cities and bad for people. This is one of the best things that came out of the pandemic-it exposed the fragile structure that many people made (and make) much money off of. Also these structures required the unquestioning compliance by the masses to make them work for those on top of the food chain. Once you realize that our society is full of these structures, and that you don’t necessarily have to follow them, you get to understand what freedom truly feels like. Question everything you are told from so-called authority figures and politicians. Chances are they’re trying to shape your opinion to shift more power to them.
I thoroughly believe that there is a better option which would be a 4 day week. If you gave people the option of a 4 day week physically present or a 5 day week working from home, paid the same, I'd bet 90% of people would choose to regain a whole extra day for themselves and still make the commute. It would be better for the economy as there would be an extra day of leisure which would encourage people out to spend money enjoying themselves, and, when they do come back to work they're more productive due to being more rested every weekend of the year. This has been studied many times and is proven. I actually like going into the office. The issue is not getting out of the house and having a change of environment, the issue is just how much the week drags on by the time you've got to Friday. The reality is we're much less productive working remotely, too, and even though we don't have to leave the house to work, we're still chained to our desks 5 days a week. I think the 4-day week middle ground is obvious and would be the best thing that could possibly happen to us. We used to work a 6 day week and technological advancements allowed us to work 5. That was a long time ago and we've come so much further, we are overdue a 4 day week.
Seems you haven't been paying attention - at all! lol@@Hashterix
@@Hashterix You go ahead and waste your time and money going into the office serving your corporate real estate masters. I will continue enjoying a fully remote work life.
I believe he met that before people who work at the office would spend money at the local eaterys or shop at the stores. Now that is not happening and shifted elsewhere, that city won't get that cycle like before. There is pros and cons on working remote.
@@mega1meyers a whole day back for yourself. Think about it. A 3 day weekend.
When the commercial real estate CEO says that working from home is bad for business, he means it's bad for HIS business. Many of NYC's industries like marketing can be done about 95% as well remotely as they were done in person pre-Covid. I have worked in advertising in NYC for over 30 years. The last day I spent in the office was March 14, 2020.. In my current remote freelance position as a creative director, I'm in my home in Westchester, I work with an art director who's in Albequerque, NM, an account exec in New Orleans and another account person in Florida. All of our work is done seamlessly and collaboratively and our clients, who are also scattered around the country, are very happy. My commute used to be almost 2 hours each way and now it's 2 seconds. And I have spent countless more hours with my family.
They can't stand that people are no longer forced to move to the big cities, pay that horrendous rent for a small flat and stuff their wallets. I totally relate to you, I live in Poland and work in a global company with HQ in the US. My team is spread across 3 continents, I collaborate with colleagues from the States, Netherlands, Singapore and Malaysia. And guess what, we are quite successful in this.
It don’t mater if all these buildings can’t pay back them loans and the banks start to go under that will effect all of us don’t matter where you work
I find it interesting because they have been off shoring jobs for years, essentially making them remotely because they’re not making these people come into the office when they want to since they may be outside of the country. In my opinion commercial real estate is the age old story of blockbuster vs Netflix, is either adapt to accommodate residential space, communal space like in other metropolitan cities like Japan or even places in china, or let go of the space cause clearly can’t afford it. NYC still has a great need for garages and affordable places to live, so then make it that. Landlords are obsessed with profit and are upset because they can’t get it from all the offices that wanted prime real estate. The truth is going to the office isn’t what it used to be, even lunch costs around 10-15 bucks without tips, that is ridiculous in any way shape or form.
Not to mention better work life balance
Making workers more efficient should be the goal of any employer. If, as an employer, you can make employees happier by not having to commute, then they are more likely to be more efficient. Certainly not all employees, but a large majority of them. With today's internet able to make video conferencing possible for the smallest thing, in person working is not required for many jobs. Employers and companies generally don't like change, and therefore resist this change. COVID, while being bad in some says, certainly had some silver linings. In the end, I think we, as a society, will become more efficient for moving work to home (where appropriate). Your story is just one of many and an example of how this can work better for people. As for what happens to these buildings, I suggested in another comment turning them into "communities". A floor or 2 as grocery store, then a few floors for other amenities that a normal neighborhood has, then apartments or condos above. Workers could be telecommuting from home and have most of their needs within the same building. I can't imagine why someone would want to live in a structure like that, but then I am a country guy. Perhaps city folk born and raised in the city would like it.
Housing crisis and empty offices at the same time. Man if only there was some way to solve both of these problems.
It's not that simple. It's like trying to turn a cargo tractor trailer into a honda civic, its wasteful and difficult at best
Thats not the same at all 😂@Dre2Dee2
Nope. It CAN be done.
@@Dre2Dee2 they are literally doing it in the video, did you watch?
I'm glad someone finally addressed one of the biggest societal problems we're facing right now. Homelessness, mental health, racism, the way we ignore vets....all of that's bad but really, we simply can't ignore the problem of too many people being allowed to do data entry in their pajamas.
I'd like to see some of these buildings used for that; housing, gaining the right support, gaining skills. Of course I've oversimplified the matter but need to start somewhere.
My heart really breaks for these people who have been taking advantage of other people for a hundred years 😢
and Trump PAID off his loan, but they went after him
《Sarcasm on》Think of all the suffering billionaires. So sad. 《Sarcasm off》
All of human history is a tragedy. This is nothing new.
They'll find a way to crash the economy and have citizens foot the bill. I realized this awhile ago. This is going to be another 08' (a slow motion drawn out version) driven by commercial real estate instead of residential.
Absolutely. Maybe they should have planned for the future
Oh no not the poor billionaire building owners 😢
oh no the tax revenues
@@davidho1258Don’t need to raise municipal tax revenue if less people are coming to work in the city.
@@davidho1258 tax the rich then.
Bingo! @@stanleycoleman
@@davidho1258we're beyond sick of commoners shilling for the very wealthy
Working from home means that I can stop stressing about dangerous driving conditions. When the weather is bad and the roads are icy, I can just sit comfortably in my home office instead of driving down a half mile snow covered road praying that the light doesn't turn red at the bottom because no one was able to make that stop. Also, when I have a cold or flu, I can still work and not pass it to everyone in the office because I'm out of sick days. Working from home is good for our mental health. Plus, it's nice to regain the time you usually use to commute and spend that with your family.
I graduate college and went into WFH during covid. I have gone into the office a couple times and everyone wants to be left alone or message over teams.
I hate when people say BS about "being in office encourages collaboration". I'm sure that's true in some Industries or companies, but every job I've had my bosses want me to show up sit down shut up do my job and not bother them. And I'm fine with that. If I need the collaborate I can message someone, email them, call them, or get on a video chat.
Working from home is "the biggest societal problem", said the man who lives by renting office space. 🤣🤣🤣 Working from home allowed people to have a life, see family, increase productivity and self-esteem, and have a better environment, working with less supervision and micromanaging. Win-win for companies and employees alike. For the ancillary jobs that come with people working in offices, I imagine these employees and business owners can also diversify and change their industry eventually.
no one "lives by renting office space" the only one profiting is the greedy municipalities via their continued inflation of property taxes.
Seems like a rich person's problem to me. F their stock value.
It sure as heck doesn't increase productivity, but yeah.
@@MakerInMotion are you 100% sure that is true in all cases? Do you include travel time in your productivity story? Any other fictional points you want to make.
Exactly, why would be allow them? we can't even afford an small house and they are complaining their multi-million building is not as full as it was before? Affordable living for everyone is a much more important and pressing issue
They tell investors "investment involves risk" but don't think they should be subjected to any and need a bailout. That's just ridiculous. Let em fail.
The risk is only for normal citizens with real bills, 401k's and such.
Yep that is how big banks worked with the sub prime mortgage fiasco, privatise profit and make loss public.
I go in the office once a week for a few hours. I’m so grateful for that. Working from home is great for employees.
I will never take another in-person job again! So much better staying at home.
"WFM is bad for business, bad for cities, and bad for people." Next sentence is that his stock price took a hit. There you go. That's the real reason he doesn't like WFH. I've been WFH for 12 of the past 13 years. Best thing ever for my mental state and health. Get to spend time with my kids more and avoid the extra 5 hours of commute time each week. I don't see a down side.
Please talk to all work from home people you know all your friends associates etc. and organize a Work From Home America Association to lobby the government for your labor rights. The "trickle down" office landlords, banks, and other special interests are all colluding trying to force "back to the office" on everyone, not for any "good" but only because they have a lot to lose due to their years of foolishness pretending "the internet doesn't exist" and the world "hasn't changed" and their "assets valuable" at any cost, and they need to be counter-acted. The truth of the matter is they owe millions of workers back pay for the uncompensated commuting they got away with stealing from us for years.
But it is imperative for work from home people to show solidarity no matter what work from home you're doing, organize as an association of Americans and fight back, fight like hell, or they're going to take it all away from you, they'll try to limit your opportunities, and go back to pretending the world "hasn't changed"
Amazingly, they blame employees for prioritizing their well-being and family.
“Don’t like work from home!” I can tell you working for that guy must be hell.
So true. Moved to Florida. Keeping my remote San Fran job making 800K per year. Remote work is here to stay.
Oh snap! Good job, you're lucky and smart you had that 800k job
I'm guessing by your username your in software If you don't mind can I get your info of something to text , I'm Still studying now and aren't looking for a job yet but it would be great to have someone to ask a few questions to once in a while instead of yourube videos
Hopefully this happens everywhere so people can work to live,spend time with family,less commuting,less pollution,less stress,less childcare, roll on working from home its about time🎉
100% correct!
❤
Did you listen to the professors remarks regarding Property Tax towards the end?
@@thomasfleming2253 yes, but that’s not a new statement. We aren’t going back to 2019. The answer isn’t to shove folks into offices to deal with structural issues with city taxes. The answer is to rethink how those are funded, to replace the tax revenue that is never coming back. The rest is just copium.
Amen
Most of these office spaces should be converted to residential housing.
Put all the homeless and low income people in downtown skyscrapers? Where do i sign?
Easier said than done
Office spaces are not designed to be housing you have to do ALOT of work to convert them
Should still do the work. There's a housing crisis.
@@davidpak271 as opposed to the better alternative of doing no work and leaving them empty. Or spending even MORE work to build up new apartment buildings as opposed to conversion? Tell me you're not smart without an IQ test
"working from home is one of the biggest societal problems we face right now.. " -HAHAHAHAHAHAHAHAHA
What he meant to say is that it's bad for his pockets
I’m disabled and was considering long term disability in January 2020. I pushed through a couple more months before my company went remote in late March 2020. Remote work saved my life. I actually have the energy to do my job well now, rather than wasting it on commuting and running through a huge campus to various meetings. For some folks, remote work is simply more convenient, but it’s truly life saving for others.
Excellent point. I'm sure many businesses have worked to make accommodations. But the disabled usually have a much better set-up at home. It's probably a night and day difference between the office and home.
Yep if remote work was a possibility in 2012 I might not have had to go on disability actually. I’m so glad I did though, otherwise I would be disabling myself for some dudes commercial real estate investment. No thanks.
Preach, working Americans are burned out from working everyday and just having what you need. We are stressed out, underpaid and overworked. The panaroma made people re-think life.
My mom developed dementia in the early days of covid. Remote work happened for me at the exact time I needed it. I'm very thankful. The company wants people to come back, but they have settled for a hybrid arrangement.
So it hurt the multi-millionaires but helped a disabled person.
I’m a stationary engineer in Chicago. The guy that runs the boiler, chiller , HVAC and plumbing. Told my boss from day one of the lockdown that these people will NEVER come back to work . That one day our grandkids will look at these buildings and ask what they were for. Much like we look at abandoned factories. On the flip side it’s not just about the cubicle monkeys not going back to work. It’s about the janitors , the cleaning ladies , the security guards , guys like me , the tradesman that remodel and help maintain the buildings. Everything changed with Covid. I can’t blame anyone for not coming back to work. I tell my kid to get the skillset to work remote and leave the US. Make $50k in Thailand and live like a king. Rather than make $100k a year and struggle to tread water in the US. What can you do?
Very good advice. I did just that, yet way before remote work was a thing. I'm in finance sales and realized I could work from anywhere when I started traveling abroad around 2000-2003. I would bring my vonage internet phone and plug into the hostel/hotel internet once I got to my destination. I realized my customers thought I was still in the office. I had an "ah ha" moment around 2005 while walking back to my hotel from a Peruvian beach after a surf session. I thought "why dont I look for inexpensive land here, build a house, get internet, and live here like a king". Instead of walking to my hotel, I walked along the beach looking for land for sale. I saw a large land, called the owner, and bought it same day for 7k. That purchase changed my life. When they say "living like a king" its literal. I hear the waves crashing as I sleep and see the sunset over the ocean from my balcony. I go out to restaurants nightly, having fresh seafood/Peruvian food for around $4 (includes drink, appetizer, main). I started a Montessori school for children, own a restaurant on the beach, a cabin in a fishing village, a tiny home in the jungle with view of the 3rd largest waterfall in the world, a condo in a larger city, and 4 other lands that I have yet to do anything with. Why did I mention those things? Its because none of that would have been possible if I wasnt working remote. To all of you dreamers out there, now is the time to do it. We are all living in a waking dream. Most of us just dont realize that we can control this dream by action. We only have one life and there has never been a more perfect time in history (due to technology for the most part) to live it how you want. Trust me, you will look back at the life you created and smile. Good luck to all of you.
You make so good points. The high rise model for office work is not the only solution for companies looking for floor space. Outside of the US a more integrated model of urban planning is only display. Low rise offices distributed over a wider area and mingled with houses, apartments and shops. It’s less dense but more liveable. No concrete canyons, wind tunnels or streets that rarely see the sun.
Welcome to the world of many musicians who have been undergoing a slow-motion version of this since the early 2000's when streaming and the reliance of free music platforms to access music has diminished greatly income stream and the music stream companies give a pittance unless you really have millions upon millions of listeners. Artists tend to be the canaries in the coalmine when it comes to economic societal disruptions that don't seem to affect those outside the arts at first but then it does.
Your last paragraph especially…. Is 100 accurate and what people need to do.
Thailand is no picnic. They have horrible traffic (especially in Bangkok), horrible hot summers, and plenty of people out to scam you. As someone who grew up in South Asia, I am always amused when I hear Americans daydream about living in these countries. Why do you think so many people want to move to the US from those countries?
Remote work produces the most competant, happy and productive workers. My company went hybrid and employees are so disgruntled and angry we've only been producing minimum level work. I honestly wouldnt mind seeing my company fail
I think we can all see a lot more residential conversion coming.
As a former New Yorker, I smile at this report
I used to live in NY……it's a tough racket.
Same!
He forgot to mention that work from home has been great for work life balance. This is what is really driving the CEOs and corporate leaders to demand back to office.
Started to realize that the executive team and a good amount of management was useless when working remote.
Fu life balance.
@@f4ll3nzr0my manager is genuinely good at getting things for us and making sure we can do our jobs. Doesn’t hound us on teams, doesn’t micromanage, doesn’t try any BS games. That said, life is so much better working from home and I think my manager wants it this way too. I’m sure they’re job has gotten a lot easier.
Not a good work/life balance for me. I need people like the friendships I developed at work. Very lonesome.
As a demolition contractor if I worked from home I wouldn't have a place to work after a day.
This piece is the way journalism should be. Very well judged and explained. Right down the middle.
My wife has been working from home since March 2020 and it has been great for us (and her). We save on gas with her, wear and tear on the car, less risk of car accidents, no wasted time commuting, she sleeps better, if we need something done at the house repair wise, we dont have to take a personal day to get that scheduled, and she gets more work done at home. There isnt the distractions of coworkers and other things.
I prefer not to live under house arrest. Hybrid is best I think. Or subsidized co-working space
@@bigdreams5554 this sounds like a you problem. I shouldnt have to be forced to endure traffice, put wear and tear/miles on my vehicles because someone doesnt have any hobbies to keep them occupied.
@@bigdreams5554noone is keeping you at home lol how is it house arrest
@@ML-yn9yu But now you need a home office or spare room where you can work. People who were mostly single and living with roommates are now stuck in one room for the whole day. Works both ways. Good for some, not ideal for others.
@@quitegenius anyone under the age of around 40 grew up with computers and computers are now required. Everyone who has a computer has a desk AND room for said computer. Most desks will have some for a work laptop. Problem solved. And you would be in one room all day if you were at work or at home, so that point is moot. I've never, ever heard of someone complain because they didnt have the space to work from home.
My company is fully remote nationwide. I’m so grateful for this. As a result I’m enjoying less stress, less expenditures, more time, and more effectiveness.
Care to share which company and are they in need of a PM?
Please share which company it is?
The companies that realize this will be able to steal their choice of top tier employees leaving the old businesses to flounder.
@@bokisuba9702 I did share, I think 60 minutes deleted my comment.
@@GMacII Did you see my comment before 60 Minutes deleted it? Just sent me your email
The impact on restaurants and food workers has been much more drastic.
That's true, they were "NON-ESSENTIAL" and they didnt bat an eye Well guess what? Commercial office space is "NON-ESSENTIAL" because obviously, we don't need it Shoes on the other foot now
5:50. My heart breaks for this poor billionaire CEO.
I’ve had the misfortune of meeting some of these office building owners in Manhattan, some of the worse people on earth. So it couldn’t have happened to worst people.
I wonder why theyre all like that ✡
Working in an office has always felt like a drain on life. Don't miss it all.
This episode starts out by saying that interest rates are at historic highs. They are not even approaching those levels. The fact that they were so low for so long played a huge factor in driving up home prices over the last decade. In the 1980's many home loans were over 15%.
my Son has been working from home since the coof fiasco and is living his best life lol.. i said to him, tell me you at least change outta your jammies before zoom meetings and such, he laughed and told me "i do, but only from the waist up!
I've been working remotely as a software developer since 2009 and my wife since 2020, she works upstairs and I work downstairs. No way we're returning back to the office. We can see each other during the day and our two dogs too. It's great that we can be here for deliveries and any kind of service repairmen that need to come, we can throw in a load of laundry and I was here the entire time our inground pool was installed. Nothing that the office has to offer can counter that..
Yeah, I can’t tell you how valuable not having to leave early or take an afternoon off because you have get work done in your house. I don’t need to take days off for anything that I can simply schedule around a lunch break. That’s incredibly valuable.
Yup! Often it was tech companies too the worst offenders. Think of the movie "Office Space." And they'd try to bait you with all kinds of office amenities..."we have a gym, and a really nice cafeteria, and a games room you can play ping pong or pool during breaks, and BS!" Cause here's so many cubicle workers and cogs in THEIR machine: "I don't want to be here anymore than I have to be! This is YOUR building NOT mine! Maybe it's a more pleasant place to be than some others, but we're not so dumb as to not realize we do NOT have to be here! It's BS that we are so much that we keep being pressured to more and more as well!" Place I worked right out of college they built a new building, and indeed offered us so much more in fluff. But I resented it because I'd have much rather just been paid more in salary!
Welcoming your own demise and you don’t even understand why.
@@johnqdoeNo, you just have antiquated thinking..
@@teds9896 Well, conversly, I started work in the 'Big Smoke' as CBD's were called way back then(60's) and it was great, as at that time all the quirky and old Pubs were still extant which served delicious lunch fare and variety. I am glad that I missed this 'work from home' stuff on computers as all my office was paper shuffling, processing. At my last place there was just one (small) computer on the seventh floor, ancient now ! All the rest was filing and processed by paper !
Work From Home is not Bad for People. It is great for people. I would never take a job that required me to be in an office.
It's just so crazy, I live in New York City not far from Manhattan even and it's takes a little over an hour to get to an office. I'm not waiting for the bus and wasting my breath, no thank you. A bus and two trains. Absolutely ridiculous.
offices suck
exactly. and companies have been getting away for years with not compensating America's workers for our commutes. We have a TON of time, energy and expense wrapped up in and lost to our commutes, bus fare, subway fare, taxi fare, and worse wear and tear on our vehicles, interest payments, car insurance, hours in traffic, idly wearing out our car engines, road stress wearing on our health, and risk to our lives on the roads to get to the office, etc. All so far uncompensated! It is very telling that the "trickle down" office landlords, banks and other special interests colluding to try to force "back to the office" say absolutely nothing about the uncompensated commute that is "free" labor for the companies@@user-wp5qo6qg7q
Especially not one in a high-rise.
Wouldn’t live in a high-rise either…
Anybody who uses a computer 🖥 to get their job done should have never had to commute to a physical building to begin with. So many benefits to remote work it's a shame: 1. Better work/life balance 2. Increased productivity 3. Less congestion 4. Less pollution Covert the empty buildings to affordable housing. 😶
I work 100% remote because my wife got a job out of state. My boss and and other peers do a hybrid M-W in office, Th-F at home. We all used to go in every day pre-Covid. Our production has actually increased markedly since they have gone hybrid and I have gone 100% remote. We have more $ in our pockets (not spending gas $, maintenance on cars, etc...) and more sanity - not sitting in the crazy Houston traffic. With that said, I do wish I still lived in Houston and worked a hybrid work schedule of 2 days in the office. Some direct contact is ideal to optimize relationships and some meetings are better in person but maybe that is just me. The days of a tyrant boss lording over you and counting every minute of your time at your desk in the office are dead and gone for salary workers like me (been there, done that) and there is NOTHING wrong with that from a white collar salary worker perspective. Commercial building owners don't like hybrid and remote work? Sure, but that is their problem to figure out.
I’m now retired but when I worked (35+ years in financial services), my commute was the worst part of my life. When I had the chance to work-from-home, I was a happier employee and worked more hours.
My dad spent his career commuting to Midtown Manhattan. He left our house at 7 am and he got back home at 7 pm. He spent four hours out of every workday commuting. I'm amazed he was able to do that for 30 years.
@@RobCummings - My commute was similar (Bucks County, PA -> Jersey City, NJ) for 18 years and you couldn't pay me enough to do that again.
It's still the nightmare of wishing life.
My heart breaks for those poor landlords who been screwing their tenants for decades
LOL
Oh poor land lord!!!
Think of the boomers and their worthless reit investments.
Missing the point.
Right! 😂
Work from home is a win-win. The employees get to have more flexibility and the companies can save more money. My company just hired a team from Manila and they’re great and only a fraction of the cost.
Here’s an idea, companies who subsidize the parking for employees in other cities, do it for the New York City employees too. When I go into the office, the amount I spend just existing in the city is leagues more than when I work from home. My colleagues in not so cheap cities are at least not also paying hefty fees to park. It’s 30 minutes to drive and 90 minutes using public transportation which is 3 trains, and a 14 minute walk from where I have to park to catch the first train.
Having been a Finance professional in Silicon Valley start-ups for past 30 years, I can say remote staff has saved the company's cash resources and allowed more smart hiring than ever before focusing on growing the business. We have saved millions in office rent, property taxes, travel expenses, lease hold improvements, govt business taxes. In one of my past San Francisco city based employers, we were required to pay $150,000 per month in rent, over $12,000 per month on utilities, over $250,000 per year on Internet service, $50,000 per month for on site kitchen and supply, and over $200,000 per year in SF city taxes. The current savings are enormous.
See people, this is information that should be shouted out loud and clear.
All while trimming staff and cutting labor costs. Great time for investors...
The loss in tax revenue will have a huge trickle down effect. Being able to fund education, police, fire and general city services and their budgets in general, they will no doubt have to get creative in order to replace that lost revenue. Some will come from gas tax increases, toll road increases, and raising the tax of the buildings that are not yet vacant, including high rise apt complexes eventually everyone is going to feel the pinch when it comes to a loss in tax revenue.
@@a914freak workers are leaving the Metropolitan areas.
@@a914freak -- Cities will still tax the properties. Landlords will have to get creative in order to attract tenants.
2:25 I love how nonchalant he is when he explains they just stop paying their $200 million loans and leave the lender with the office property that's plummeting in value. "If it works we make a lot of money, if it doesn't the lender can take over the building".
That's theft IMHO. They are corrupt.
Who says there's not a different book of rules for the very wealthy? Does anyone still think so?
Same kind of dude that will tell the younger generation to "sacrifice" and "take responsibility." The scary thing is that those types of people control what local and federal governments prioritize. None of these stories are about the positive impacts on workers.
@@RoderickPommiergreat point! I also wonder just how hard they’re trying to legislate employees returning to offices.
It's not theft. The lender and borrower agree to terms under which the loan is made. Maybe you don't think they should have agreed to that, but it's not theft. @@carolr7823
I will never seek work in an office again. Unless you are touching people, products or making something there is little reason to commute to an office and do the same tasks that you can from home. Lots of people cant take it, or get off task without oversight but for a lot of people its a way of life that I will never want to leave. I would take pay cuts before I was lured into an office.
Thoughts and prayers with the commercial landlords. Hahaha
Remote work is the best. It saves companies money to pay for employees. It reduces traffic and saves employees commuting time!
In Australia we actually have a housing crisis where people with full time jobs are going homeless. We need to start converting corporate offices to affordable residential apartments sooner rather than later.
So agree with you, from another Aussie.
Yet another reason that Oz is the pits.
The problem is a lot of those buildings were not designed to house people, so you waste a TON of space converting. It's really inefficient to use a building THAT GIGANTIC for housing, makes much more sense to have smaller buildings with a business on one floor, and residences above it.
@@Dre2Dee2the alternative is that it becomes worthless. They need to deal with reality.
Aren’t we in a housing shortage, convert those offices to affordable housing!!! Work from home is here to stay, been doing it for 4 years and love it.
People aren’t leaving because the cities are deteriorating due to loss of commercial taxes, they’re leaving because living in the city is unaffordable
Where I live many office spaces are empty, yet they still continue to build more. Just Brilliant.
Charlotte?
They didn't learn from China's collapse.
Same here. The parking lots are empty lol but they are still putting them in.
The office isn’t that bad, it’s the commute that is a killer. 15 hours of traffic every week, no thanks, my life has improved working from home.
Yeah... The office is HORRIBLE many places. With some exceptions (groups that ACTUALLY benefit from being in the same room working on projects) having to go to an office is absurd, and does nothing but fill some social quota for people that don't have outside lives or friends.
exactly if offices were located near housing and public transportation some people may like going in... however the company still is having to pay the overhead and if an competitor does not... well they win.
I like some social contact. Just the commute and cost.
@@olixz Yeah, co workers can be fine for social contact. I personally prefer to choose the people I hang out with myself, as opposed to being forced to be social with random people that I probably don't have much in common with. But I'm antisocial-ish, so I'm not the best gauge for normal people...
@@harborwolf22 Each to their own. I don't have that many friends ATM so it helps me get out more. I'm in the office two days a week. I don't think it should be forced on people.
Working from home saves the average person hundreds a year in commuting costs, wear and tear on personal vehicles, parking, etc. People like the man who said it's bad for people has never had to live on a working-class or middle-class salary.
These bankers and conglomerate landlords make me a absolutely sick. Work from home has been thr best thing to happen to me and my family.
Work from home has been a life saver for many people. Covid backfired and gave people space and time to reassess how they choose to live life. Office buildings are history.
Covid backfired? Because it was some type of conspiracy?
Went from on premises, to remote, then was unemployed. Back to on premises, I missed my life and my identity. Currently remote and it is the best thing it’s ever happened to me and my family.
I’m a computer network engineer and cloud architect. I specifically began studying this IT stuff in the 90’s so I could have the flexibility to work from anywhere in the future and that future has been the past 20 years of my career. #wfh is a feature not a bug.
Great reporting
Remote work has been technologically possible since the early 2000s. It should have been the norm 20 years ago.
Not really. We didn't have the bandwidth or the VPN security widespread until around 10 years or so ago.
Twenty years ago most people still had dial-ups. Computer screens were smaller and had lower resolution. And we didn't have smart phones yet. So no, it couldn't have been "the norm" back when video was the size of a postage stamp and resolution was 240p.
It only works for limited number of professions and professionals. If you actually make things in a building, then people need to be there. People who are not there tend to be detached from day-to-day operations. Managers that deal with people who work on multiple projects may not realize that others may not have the same priorities that they do because they don’t see them except at meetings.
@@jgrab1 twenty years ago "most" people didnt have dialups unless you lived in far off urban areas. Dont make up false things dude
I started WFH in 2007...the infrastructure and strategies weren't ready collectively, and philosophically, industries didn't believe in it. It is the ONLY silver lining of a world pandemic.
I've been working from home since 2018, how is it bad for me exactly? I get to let my sweet dogs out to play many times a day and I can walk them at lunch. I eat a healthy home cooked breakfast and lunch. I do house chores during my breaks. I don't have to worry about traffic back ups, car accidents or my car not starting. I can get home repairs done and big deliveries handled with ease without having to take off...it's very convenient. Sure, I don't see many people besides my husband, but when I worked in the office I had no work friends anyway...just people constantly popping by my desk to pester me and cause me to get interrupted. All the petty office politics gone, no gossip, no annoying parents asking to help with their kid's fundraiser, etc....all gone. Just silence and calm.
Well said. 100% agree
I am happy for you! Seriously, I wish we all had that. I love peace and quiet
💯
Selah
It’s a win win.
My office was pushed home 2 years ago. Health insurance company publicly traded. It was easy to break the long lease because of covid. Had to build out an office at home. Psychologically and emotionally its hard as a I am a highly social person. But the corporation is not about people but about profit and stock prices. They sure do provide a lot of lip service and "confidental" hotlines to call for mental health. But that's their job. I have my poochies and kitties at least.
When did he leave you?
I’m way more concerned about the millions of worker losing thousands of dollars and hundreds of hours commuting every year than I am about a commercial realtor.
I have been working from home since 2007. It has been a blessing in my life. These landlords can suck it.
As others have said, turn stupid office buildings into apartments. My wife goes into work at the office, but only because it's a short commute, all of her coworkers work remote. I think at times she is the only one on her floor. I can't imagine how this is cost effective. They have to heat, AC, property taxes, insurance, janitor, upkeep, security.
Zoning laws, insufficient plumbing lines, etc.
Prohibitively expensive. Much cheaper to tear down and build anew.
Most can't be turned into apartments because the requirements are entirely different. Apartments need windows and bathrooms and kitchens. Office space typically has bathrooms at the end of a hall and many rooms that have no windows.
@@carolr7823total copout. There should be funding channeled into refurbishing these buildings into housing. It should be infrastructure spending.
@@Bigrignohio😂😂 Did you not watch this video? They literally showed developers converting an office building into apartments. It’s being done all over the country. The only real problem with it is greed still lives strong. Instead of affordable housing, most developers are seeking to build and sell luxury apartments.
Once Gen AI, ML come in and workers themselves are not required, you can imagine playing golf or go karting in these buildings
Thing is commercial real estate wasn’t just an asset but it was as expensive an asset as there was just a few years ago. The most valuable real estate in most towns was meeting spaces and business hotels positioned near airports. Now the model is completely upended.
Restaurant owners: First time?
WFH is awesome. You get so much personal time back in life. No commute, stuck in an office for 9 hours.
It’s so much more productive that being bothered in a noisy office As long as you don’t get distracted by the obligations from home
I’ve worked remote 5 out of the last 11 years and it’s been substantial in boosting my performance, and overall work satisfaction. Companies will have to decide; do they want people in the office or do they want employee loyalty.
"Companies will have to decide; do they want people in the office or do they want employee loyalty." love this line. I think any company that demands a full time in the office position is going to lose out on their best talent, especially in tech fields.
@@arnezargarian4583 I work at a big tech company, and my department is fully remote, except 3 people. There is one in Bulgaria, Atlanta, and Palo Alto who are hybrid. I've worked at a variety of Fortune 500s from fashion to retail all in technology and I've never been in a place with such high retention and employee satisfaction. What's even better is the productivity boost as we're no longer limited to working during our time zone hours. We can continue working on projects, products, and more 24/7 while maintaining our connections etc. We work remote but are able to deliver projects consistently ahead of schedule, and have submitted and gained patents on more technologies than we did when the team was partially hybrid. Myself, and many of us have turned down higher paying jobs that are in person because we appreciate and enjoy working at this company, and don't want to impact our productivity and restructure our lives for an in person role. When I was in office, I would often end up wasting the last hour looking at the clock because I was dreading the commute home. Now I work from home, I'm not as hard pressed on starting dinner and working a little more (at times) because I have greater control. Sometimes I have to run to school and pickup my kid or take them to an appointment; instead of taking a half day or PTO I just bring my laptop and tablet and work in the waiting room or in my car because I have the flexibility.
All i heard was, "it's bad for me. Won't someone think about me and my millions"
It does make me a bit sad or nostalgic to see them empty. End of an era. That said I've been working remote for over 4 years and couldn't go back to a regular job.
I agree with the guy at the end who says effectively society is only beginning to realise the full potential of not having to live where we work. The problem is, that's going to cost the 1% a LOT of money, and they will fight the change like their life depends on it.
Completely agree.
Interesting point. I work in IT where outsourcing has been a thing for many years but still, there are many jobs in IT in the UK asking for remote workers. Very infrequent meet ups in various locations.
Remote but located in the UK or EU.
@JB-lp9xr The flaw to your logic is Visa issues.
@@JB-lp9xr Tell that to anyone who has had to work with Indian tech support, lmao. Maybe it will disrupt some industries, but most "dumb work" that can be handled by third worlders for cheaper at the same quality requires being physically present anyways, e.g. harvesting crops.
Oh no, speculative developers are "reeling"! What a shame. That's why it's called "speculative". No doubt taxpayers will be bailing them out in one way or another somewhere down the line. They only believe in small government until they need to be bailed out from their short sightedness and poor investments.
Socialize the loss, Capitalize the gain.
Exactly! Absolutely NO bailouts for the office landlords, speculators, etc.! It is NOT "the taxpayers' fault" these office landlords, banks, speculators, etc. all pretended "the internet doesn't exist" until the pandemic exposed their lie and worthless "assets"
This is why mixed-use zoning and buildings are needed: They allow for much more flexibility and economic resilience. It's time to abolish Euclidian zoning.
I love the hybrid ability to work from wherever I can. At home I can get more done with no travel and space to focus. And I value the time I have in a space with team members, clients and solutions folks that I can brainstorm with. I also enjoy the social time to chat over tea/coffee. By working from home full-time our social lives will change as well and many folks will find this hard to adjust to.