creepystepdad72
creepystepdad72 t1_jcpsc5b wrote
Reply to comment by Suzki in Big tech companies are selling their Silicon Valley campuses amid struggle by McFatty7
Residential conversion is a tough one - a vicious cycle is already well underway. The value of a business park condo is the proximity to work, but if work is trying to get out of the business park...
Coworking isn't completely unreasonable, but that's 1) a LOT of space; and 2) still in a business park - not sure it's worth an investment. There's companies that've dumped half that footage right in the middle of urban centers and the coworking companies won't touch it.
I figure it has to be REITs gobbling buildings up at steep discounts and doing a heck of a lot of work apportioning into smaller offices for leasing. Even though I think it's the most likely, it's still really tricky...
A company that would have killed for a 10K sqft. lease in 2018 (but were getting pushed out of the market in favour of the bigger guys willing to take 5-10x the footage) likely aren't interested at standard lease terms anymore.
A 10 year term isn't going to be attractive to 95% of companies, and with the amount of folks stuck with 5+ years left on a pre-COVID term trying to dump to a sublease it makes even less sense to be a primary lessee.
A valid alternative option might be hotels. Conversion costs aside, there's a good concentration of tech HQs in the area who (even with fewer on premise employees) will still have visitors. In my experience, the business park Omni's and Westin's seemed to do brisk business and I get it... There's not exactly a ton to do in Menlo Park or Redwood City, but sometimes you just want to get in and out of there.
creepystepdad72 t1_jd82ybw wrote
Reply to Leaked document shows Amazon's flawed job-posting process led to 'over-hiring,' with one team listing 3 times more openings than approved for by marketrent
In classic BI style, you have to be careful with the wording in the article RE: sensationalism.
The practices they're talking about are pretty standard (and IMO, can be smart moves) in tech - creating multiple postings for the same job with different titles/geos (to cast a wider net), in particular.
The memo IS NOT saying they hired 3x the allocated positions; rather, it's saying the additional postings have caused an increase in instances of mistakes being made (e.g. backfill hired for a person who ended up staying on, etc.)