What Google Works on Home Plans Means for Big City Office Markets

Sundar Pichai, CEO of Google. As Google works on its housing plans, it could have a major impact on the office market in major US cities (Getty, Pixel)

In December 2018, Google CFO Ruth Polat announced plans for a new 1.7 million square foot campus of search giant in Hudson Square, Manhattan. Year. It was the latest in a series of billion-dollar moves that made Google one of the most important office tenants in the US core office market and had a huge presence in New York, Los Angeles and Chicago.

Currently, the company has announced plans to extend remote work to at least July 2021. The decision applies to nearly all 200,000 employees of Google’s parent company Alphabet, including Mountain View, California, headquarters, offices in the US, UK, India and Brazil.

Google’s decision could suggest a reversal of its 20-year quest for more office space in coastal cities, which the company saw as a talent hub. It could also be a precursor to the drastic change in office markets in metropolitan areas around the world, and it is speculated that competitors may soon follow.

This is a big problem as Google is much smarter than the government. This move should affect the majority of nearly 200,000 permanent and contract employees across Google’s parent company Alphabet, putting pressure on other large technology companies https://t.co/v69DZ4V4tT@WSJ via

Kara Swisher (@karaswisher) July 27, 2020

Significant ripple effects can be seen as Google’s announcement extends WFH until July 2021. The same is true for other companies. WFH, or hybrid, is the new standard.

Spencer Raskoff (@spencerrascoff) July 27, 2020

Since the turn of the century, search engine giants have steadily expanded their footsteps on both coasts of the United States, beginning in Silicon Valley and then expanding their east coast space efforts significantly.

In December 1999, the company signed the first Manhattan lease on 1440 Broadway in Times Square. Google has expanded its footprint to 170,000 square feet over the next few years. He then signed two pairs of mammoth leases for the RXR Realty and Youngwoo & Associates Pier 57 project, hiring 7,000 employees in the second half of 2018 and announcing a $1 billion investment in a 1.7 million square foot trio in Hudson Square. did. According to Yardi Matrix data, as of November 2018, Google occupies 3.35 million square feet in New York City and owns 4.7 million square feet.

In Los Angeles, Google participated in a pilgrimage to Technology Beach and leased up to 100,000 square feet in 2011 in the Frank Gary designed Binoculars Building in Venice. Five years later, the company tripled its LA footprint by leasing an entire 319,000 sq. ft. A forefoot airplane hangar in Playa Vista known as Spruce Goose.

The desire for office space was not strictly coastal. Google has signed a lease of approximately 1.3 million square feet in downtown Chicago, and the decision to relocate its Midwest headquarters to Fulton Market has triggered a wave of amenity-laden office development in the neighborhood.

The company’s real estate strategy has evolved from leasing to ownership. In 2010, Google bought 111 Ace Avenue in the meatpacking district for a record $1.8 billion, but eight years later it was eaten by buying a Chelsea Market building for $2.4 billion. It’s not clear how much space Google occupies on its eighth avenue property, but it could amount to 800,000 square feet, according to one source.

According to Real Capital Analytics, the New York deal is not an isolated event, but part of a series of acquisitions that raise Alphabets’ global real estate portfolio to its March 2018 valuation of $14.5 billion.

After Facebook, Twitter, and Shopify announced their remote work plans, researchers and industry analysts published a report and snippet of thought focused on what a corporate outflow meant for a major city. Some conclusions predict the collapse of the city, others predict the resilience of the city.

According to a Redfin study, 61% of New York City residents have left the city because of the high cost of living, largely as a departure reason, when they no longer have to commute to the office. Before the coronavirus became a pandemic, 14% of survey respondents worked most of the time in remote areas. The share of teleworkers reached a maximum of 76% during holidays. In the San Francisco Bay Area, this number is 85%, but the move to remote work is not entirely smooth.

In contrast, the Brookings Institution reports that downtown migration across the country has been growing for decades, with many tech companies moving to major cities and tending to stop once they leave. there is.

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos