this post was submitted on 13 Aug 2023
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I agree with the article that real estate is at the core of the issue. Always follow the money.
However, I also think some mid-level supervisor types get off on the power trip of making subordinates do things they don't want to do, such as wasting several hours a week commuting and polluting between home and office.
And of course you'll always have the suckups who want to score points by acting so eager to show up in person. They are the reason it's so hard to unify and fight these measures in many shops.
I'm not talking about people who have a genuine preference for working in the office. There are many legitimate reasons to have such a preference. I'm talking about psychos who want to force everyone to do it when it's not necessary, and don't support telecommuting as a legitimate way to work.
I disagree. It has nothing to do with real estate. CEOs simply prefer working in an office with all their underlings around.
It's cheaper to run a company if you need less office space. Even if you already have a ton of office space and it's going unused, it's cheaper to have an empty office than a full one.
Following the money leads to embracing a WFH-first mentality. So if it was just money, then these companies wouldn't be forcing people back.
But besides money, people also enjoy power and they feel more powerful in a full office than working from home. So that's what they pursue even if it costs more.
Just like how rich people will spend money on big houses and nice cars, not everything they do is to save more. They send money on things they like.
That's true for small to medium-sized companies. For large and very large companies, you should consider than many OWN A LOT OF THEIR OFFICE REAL ESTATE, internationally, often in the billions of dollars worth. A large chunk of their assets are in the office buildings they own, and if they become worthless the company stands to lose a lot. Not to mention that they will often borrow against the value of the buildings, and as a collateral if the value drops significantly the banks might decide that they have to pay back the excess portion of their loan immediately or put up more collateral (margin call).
I still think WFH is more profitable in that sense. You could try to lease out the space, for example. Or just sit on the space while it's empty. Less electricity, water, coffee, toilet paper, etc etc.
Forcing your employees back to an office doesn't get you any more money unless it's some very strange situation.
I think it's a tragedy of the commons type scenario. If they all act together and force everyone back to the office, then the real estate will be used and have value. If they all don't then all the real estate becomes worthless.
You're right though, each of them individually could sell the property, or lease it and come out ahead. As soon as that starts though, it becomes a game of hot potato, who holds the buildings when they lose their value?
Very true. I also believe though that CEOs essentially never do anything for the common good of other companies or even the entire planet. If they can earn 0.00001% more revenue by firing a bunch of people, or polluting, they won't think twice about it.
So if they could earn more by leasing their office space to another company, they would do the same thing (if they were acting equally logically/pragmatically) but I believe it's different in this case because of my personal opinion that it's simply the preference of the upper management types for various reasons.
But not every CEO has forced people back. Many have embraced how it's the future of office work.