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.
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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.
OR . . . 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.
you're not wrong, they totally could - but not at a profit margin the board/stockholders will accept. really glad I dont have any investments in commercial real estate.
What about defense, water, food, medicine?
Converting 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.
Fully automated luxury everyone space Communism sounds good.