#sublease

Once upon a time — way back in 2021 and most of 2022 — it looked like technology companies would prop up a pandemic-battered office leasing market. Not anymore. Several firms are shedding space as fast as their accountants and brokers can figure out how. The latest example comes via Elon Musk’s Twitter, which is putting most of its New York City office space up for sublease. Also, it’s been three years since the pandemic knocked a sizable number of women out of the commercial real estate workforce. Many have returned, and this is how they’re doing.

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— Tom Acitelli, Co-Deputy Editor

Twitter Putting Majority of NYC Offices Up for Sublease

Twitter put the vast majority of its New York City offices on the sublease market after it allegedly stopped paying rent as part of Elon Musk’s cost-cutting measures, Bloomberg first reported. The social media company listed nearly 200,000 square feet of its offices at 245 West 17th Street and 249 West 17th Street for sublease, including the second to 12th floors at 245 West 17th and the fourth to sixth floors of 249 West 17th, according to a source. That’s a massive increase from the single floor Twitter said last year it would try to sublet at 245 West 17th. It’s unclear how much space that would leave Twitter in New York City and if the social media company plans to keep a physical presence there. Twitter had already joined a growing number of tech companies in pulling back on physical offices to save money, but that shifted into hyperdrive once Musk took over in October. (Those same companies had buoyed the Manhattan office market for much of the pandemic.)

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Women in CRE Strike a New Balance Three Years Into The Pandemic

When the pandemic hit, the realities of work changed. Suspended were the days of long commutes, in-person meetings and business travel. In their place? The workforce adapted to remote setups; home offices shared with roommates, partners or children; and, of course, a whole lot of Zoom. Yet while all genders adapted to a work-from-home reality, the pandemic disproportionately affected women. In response to 2020, American women left the workforce in droves, both in commercial real estate and across other professional industries. The U.S. workforce at large saw the departure of roughly 2 million women.Now, three years out from the start of the pandemic, the patterns for women in commercial real estate largely echo the patterns for women across the workforce. Namely, that rather than overcome the pandemic, women have used it to their advantage. COVID-19 prompted women to leave their jobs, but not necessarily the workforce. It instead motivated them to restructure their careers and reconsider their purpose, observers say.

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