The office sector has seen a spate of downsizing moves among large tenants coast to coast over the last quarter, despite increasing occupancy across top US metros in the last few months.
Trepp recently reported that GlaxoSmithKline is prepping to slash its Philadelphia headquarters by 75%, while the company will reduce its real estate in Raleigh-Durham by 88%. In the latter market, the firm will go from 568,000 to 60,000 square feet, a huge reduction for the secondary city. DirecTv has also said it will sublease 500,000 square feet of its El Segundo, Calif., headquarters, while PwC recently announced that almost 40,000 of its employees in the US will be able to work remotely from anywhere.
Source: https://www.globest.com/2021/10/29/jobs-advertising-hybrid-work-availability-surge-in-q3/
