Billionaire Blackstone CEO Stephen Schwarzman, the biggest owner of commercial real estate says remote employees 'didn't work as hard'
Billionaire Blackstone CEO Stephen Schwarzman, the biggest owner of commercial real estate says remote employees 'didn't work as hard'
Blackstone, the largest owner of commercial real estate in the world, has reduced the size of its U.S. office holdings.
Fuck you bud, our unit was more productive remote and we had the metrics to prove it.
Unfortunately, data doesn’t trump tiny minds who need to manage people in person, or obviate the type of bullshit rumors billionaires and those invested in commercial real estate tend to peddle.
97Oh hey, look, another bag holder claiming that the contents of their bag are super important!
61Guy who rents offices wants folks to go back to the office. Got it.
49How would he even know? Did he run some comparative numbers between employees working from home and those that didn’t during the same time period? Or is he just making shit up?
41He knows because it is in his best interest for it to be so.
As remote work is going to decimate the commercial realestate market.
32The answer will shock you!
21He's doing the same shit Elon does and is just pulling random bullshit out of his ass that makes his opinion sound less absolutely fucking stupid than it really is.
14
Fortune and Bloomberg ran this story. It's collusion. Bunch of old rich friends and neighbors pumping each others profits.
37Our company posted record profits with everyone working from home. Maybe your guys just weren't working smarter, not harder.
27Listen, all I am saying is that if all the billionaires disappeared over night, if you avoided mass communication media you would probably not know. If you took that same amount of collective wealth from the bottom up human society would collapse.
27I'm willing to bet every single one of them worked more than he did.
25Has he been to an office before? Just because you're in an office doesn't mean you're "working hard." Lots of people do random web browsing, online shopping, etc., while at work and on the clock. Typical belief of old timers. They think your presence at a desk is somehow a magical indicator of a hard worker.
24Permanently Deleted
8The guys from the generation that sat smoking and drinking in their private offices.
3
Another person that needs to "factory reset his life" and "start a new file" like the rest of us, without money and connections.
21New game minus.
6
No conflict of interest here folks.
Not like there's murmurs about a commercial real estate crash looming due to remote work being super effective and there being no reason what so ever for CEOs to have these gigantic castles with thousands of serfs.
21So glad my company downsized offices this last year. We're like 80-90% remote (I still haven't even been to the state my office is in), so there was no reason to keep a big office building that was mostly empty.
It's amazing what a company can do when they care about their employees more than a stack of bricks with shit in them.
6I wouldn't go as far as to say they care about employees, there are plenty economical reasons to do so, the fact it gels with happy employees is pure happenstance..
The difference is when the drive to maximize money is greater than the need to lord over people.
That is, unless the company owns the real estate and buildings themselves, then the fear the value of the property will tank is another overriding factor that sets them against WFH.
3
the reality is that if companies have remote employees, they dont need commercial real estate. if companies dont need commercial real estate, a GIANT BUBBLE that will dwarf the subprime fuckups in 2008 happens & tens of billions of dollars in commercial real estate will rapidly lose value. anyone holding that property will see their assets plummet like someone jumping out of the 70th floor of a Wall St building.
if anything, the pandemic taught us that 90%+ of employees who could work in an office downtown (or wherever) can work just as well at home. Schwarzman's ass is on the line.
19OR . . . OR they can convert them to luxury living spaces in the heart of the city for beaucoups de bux.
But fantastically stupid comments like the real estate magnate is making here in the article will be the kicking and screaming before that happens.
19Converting a commercial building to residential use isn’t that easy. For one the plumbing is very different for commercial use and not easily converted for residential. Either way this billionaire can get bent, remote work is better in every measurable way.
1Fully automated luxury everyone space Communism sounds good.
1
Ssssssssshhhhhhhhhhhhhhocking!
9Feck off.
9Harder to trick employees to do the work of two other employees in remote format.
5Even assuming that what he claim is true and can back with evidence, he would need to go further and show that loss of productivity caused by remote working is massive enough to: offset cost of borrowing commercial real estate (Or much larger real estate with corresponding maintenance bill in case on-site location is need for other reason), paying employee transportation, giving up remote talent, etc.
It is entirely his fault for not preparing for the time where people will actually bring out calculator when there was moon-sized sign post for several years.
3Fucking right. And I would love to inform him we're still not at even 80% now.
3Past time to eat...
2Any archive for this pw?
1