Posted on 04/28/2022 7:51:52 AM PDT by Oldeconomybuyer
One of the Bay Area's tech giants is closing its San Francisco office, multiple media outlets reported this week.
PayPal has a location at 425 Market St., between First and Fremont streets, and it will remain open for employees to use on a voluntary basis until early June. The San Francisco office houses staff who work for the company's Xoom service that allows customers to send money to family and friends around the world and pay international bills.
The digital payment firm’s headquarters will continue to operate in San Jose.
PayPal would not comment specifically on the closure, but said it remains fully committed to the Bay Area and California.
(Excerpt) Read more at sfgate.com ...
Elon’s first business he sold.
PayPal would not comment specifically on the closure, but said it remains fully committed to the Bay Area and California.
Committed to being in that area, just not in San Francisco itself.
Ok then.
I’m sure the people running this company, are afraid to say that they want to avoid all the evidence of liberalism on display in the city limits of San Francisco.
They are afraid to say that their employees don’t feel safe, and/or nobody wants to be in an environment where you have to watch where you step to avoid certain “land mines” in your path. they don’t want to say they want to avoid having many social problems in their faces as they just try to go to work everyday. etc. etc.
Everyone is leaving downtown SFO
It’s not even the things you listed, which are bad enough.
The city of San Francisco levies a tax on any company with more than $50 million in revenue who has a presence in the city.
So, many companies are leaving and going to cities in the south.
Addtionally, the Plandemic made it possible for companies to reduce their real estate foot print and have employees work from home.
In fact, I have 5 law firms and CPA firms as customers in San Francisco with 300-1,100 employees.
Every last one of them has decided they only need a 25% or less headcount in San Francisco and have reduced their leases in the buildings they occupy.
One customer had 5 floors and 300 employees on site before the Plandemic. They now have 1/2 of a single floor and expect no more than 25 people will regularly be in the office.
Another Occupied 11 floor in a much larger building with 1,100 employees. They too consolidated to a single floor and expect not more than 100 will be in the office regularly.
Many of these same firms have opened small satellite offices in cities like Marin closer to where their employees live but, with their customers making the same decision to leave the city, they are still close to decision makers at client firms.
It will take freaking years for San Francisco to rebound from this nonsense
Will the last one out of the ‘Peoples’ Republik of Kalifornia’… please turn out the lights!!!! 😊
It’s quite a shame. It’s the most beautiful and geographically diverse state. Beaches, forests, deserts, hills, mountains, etc...
It will be a very long time before any of that matters to anyone, again.
That is so true. Oregon and Washington have the same elements, but lack the sunshine and the warm water beaches.
Yeah. Maybe vacationers will get to enjoy the California landscape for a week or two.
I think Downtown is still dead in Portland, Seattle, NYC, DC and of course SF, just to name a few.
There are less reasons to have a large presence in office towers in downtown metro area anymore. Employees actually weigh the cost of living and commuting to these expensive locations. It makes no sense to have most of your employees in expensive real estate in a glass tower.
I recall twenty years ago when Fidelity Investments bought the former Digital Equipment campus in Merrimack, NH. Fidelity had/has a building they owned in downtown Boston. The gave almost all their employees other than the executives the option to relocate about 50 miles north to southern NH. Ninety percent of the employees jumped at the opportunity. Not only because of the lack of income tax in NH, but the lower cost of living and lifestyle. Literally thousands of Fidelity employees moved to southern NH because of it.
We would think the ragheads might participate, but they've already all gone to Wisconsin, Minnesota and Michigan and are turning those states into absolute crap. (As if they weren't bad enough already.)
“many companies are leaving and going to cities in the south.”
Are they headed to the Peninsula, Silicon Valley and SJ? Real estate prices are continuing their staggering increase trends here.
I imagine the East Bay is benefitting a lot, too. Concord, Lafayette, Dublin, Pleasanton, Danville, Alamo, even Martinez.
I don't see a problem with Marxist companies paying their "fair share" It's what they ask of EVERYBODY. Right?
Totally right...!!!
Price of RE is not really the issue.
The workforce has gone from centralized in a building or campus to decentralized and working from home, part time in office and even leveraging services from shared tennant facilities.
They just don’t need the building anymore.
I have friends who have never met a single person in the organization they work for as they work from home.
Their interviews were conducted on video conference.
Thirty years ago, I worked in the Financial District of S.F., and major companies like Chevron, Pacific Bell, PG&E, Charles Schwab, Wells Fargo, etc. had thousands upon thousands of employees working there. The lunch-time crowd on the sidewalks of the first four or so blocks of Market Street was practically Times Square on New Year’s Eve. It’s nearly all gone with the wind now. Not a ghost town, but something close to the foot traffic of, I’d imagine, downtown Wichita.
NYC is facing the same problem - many workers will never return, and much of the office space will remain vacant until turned into housing for Thirdworlders imported to keep the lights on.
Right now there is a scramble for Ukrainian refugees, as it is assumed they’ll work and won’t crap on the sidewalks.
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