Remote Work to Wipe Out $800 Billion From Office Values, McKinsey Says

I'm fine with that.

Sounds generally positive to me.

Convert it to affordable housing. You made a bad investment corporate America, kindly eat shit. If you need us, will be working, from home.

Alternative headline: remote work adds billions into workers' pockets and an immeasurable amount of happiness

I guess that explains why they're going to such great lengths to convince us that talking about Game of Thrones around a water cooler is such a tremendous benefit to humankind...

Strange way to frame it. It sounds to me like businesses are saving $800 billion in unnessicary expenses.

Who will think of the landlords?

And there it is. This is the reason why so many companies are insisting on RTO. The C-level bosses are being pressured by their ultra rich friends who own the land to justify their high real estate valuations and rent so they can continue to make more money. They're happy to do it too... No compromise for them... Most of them are old conservative fucks that are probably angry at all the technology disconnecting them from their ability to interrupt their workers whenever they feel like it, so they can dump their stress, anger and frustration on their subordinates by reprimanding them without just cause.

It's the same old story, rich folks screwing over the common poors for their own selfish reasons to their own self-serving ends. Progress? No problem, as long as it makes them more money, costs them less in expenses, and gives them more power over the rest of us.

Good. Developers can buy them on the cheap and renovate into living spaces

Corporations: get your booty back into the office so it’s not empty
Also corporations: we’ve laid off your team in favor of AI, it was a tough but necessary choice due to costs
The empty office building: ???

And homelessness is on the rise. Whatever should we do?

I know! Ban homeless encampments! Yeah!

Edit: but first let's fire 15% of our workforce and then give ourselves a few million in bonuses.

Come on you rich idiots, convert those offices into something useful and they'll be valuable again.

It's insane that we as a society are even having the debate between pushing capital investment strategies to adapt and come into the 21st century or dragging globally-distributed workers back to the 20th century just to avoid short-term pain and costs associated with updating outdated laws, tax incentives, and capital business practices.

when my shit gets wiped out its "a market correction". let's see if this is "a market correction" or a "crisis" that requires federal intervention (read: a bunch of your money stolen at gunpoint and given to the people who made bad investments)

Finally something my generation can contribute to

Those poor commercial real estate investors

Oh no! Anyway...

Hence why "they" are against wfh

Awesome, some of my favourite clubs were sold off to be used as offices. Can we turn them back into clubs now?

Oh no!!!

Anyway.

Let it burn!

Sounds more like an overvalued market that’s being corrected.

Maybe we could get them converted to residential units to get cheaper housing.

Sounds like a bunch of Herman Miller chairs are gonna be available for cheap

Good

Yet they still want us in the office...

I work remote twice a week, which is nice, but I seriously wonder why I even have to go to the office the other three days.

Most of who I communicate with to do my job is not even in my location, so I'm regularly using Microsoft teams and WebEx. Also all the programs are accessible on my work laptop from home.

Wonderful

That's all? Let's pump those numbers up...

The estimated total dollar value of commercial real estate was $20.7 trillion as of 2021:Q2.

• some Google search

Permanently Deleted

The thing I don't like is that so much of the cost cutting goes to companies. It's not just the office space, it's also furniture, electricity, water and so on.

While the worker save time and costs for transportation they usually don't get any compensation for the wear and tear of their furniture or the need for extra space for work area.

Aiming for a trillion.

Finally some good news!

Where I live many offices have already been converted to apartments.

Aww. So sad /s

Good.

Good?

Thoughts and prayers for the landlords.

If only Amazon wasn’t forcing me to go back into the office soon…

Even my manager hates the idea. Out team is split on different coasts, so we’re gonna have to be in class anyway, so why am I forced to go into the office? I went in before I was going to be forced because it was fun, but now I’m staying out until I’m forced. It’s bullshit.

Good

Oh, no…

Anyway..

I saw a puff piece about a billionaire banker complaining that remote work wasn't working to defend his decision to force people back into the office. Lying piece of shit was probably seeing the value of his portfolio dropping

We need more housing not places to work. Sounds legit to me.

Ou no...anyway

Ok maybe but mckinsey is full of shit 99% of the time

Oh no , anyway

times are changing, so should work. its 2023 not 1993, WFH for the folks that do mostly desk job stuff should be encouraged An enviromentalist/urbanist is all for this because less cars on the road means less pollution, less accidents and most of all, less stress of HAVING to drive outside of getting groceries and such. the only disadvantage of WFH is simply the lack of unity in the populace, mostly due to how suburban developments keep us all shut off from one another, but thats another 50 gallon drum of worms in of itself.

COVIDs silver lining.

That's awesome.

There is a real chance of:

• recession related to commercial office space contagion or
• pension funds crisis

Good

That's only like a 2.5% drop. I think McKinsey is soft-pedaling those numbers a bit.

Our interdependence as workers could redistribute capital, if we speak in unison with our wallets. It could be possible with the equipment you're holding in your hand. Thanks for sharing your knowledge.

Given what the French government got for their money's worth in counselling from McKinsey, I'd take what they say with a pinch of salt.

Well, as usual, fuck McKinsey and the broken people moving through its turnstiles each day.

Boo hoo

You love to see it.

Good, when it can be done from home, there’s no reason to be in office

{crying-top-hats-iasip.gif}

it does create value in other places though.

I like what this McKinsey guy is sayin.

Good.

Keep it up everyone!

Which is perfectly fine

Oh noooooo

🤷‍♂️

sickos_yes.jpg

Yeah and Iron made Bronze workers redundant.

I think it’s important to note here that it’s not necessarily great for everyone if the companies everybody works for lose a bunch of money. Companies will try as hard as possible not to realize that loss, and after that happens, lots of office buildings aren’t really built in a way where they can be converted to do anything useful, so they’re just gonna sit there. Normal people are probably going to end up paying for this - personnel are some of the easiest things to let go of for a balance sheet.