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Jonathan Price – CRE & Flex Expert
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An internal memo from Citigroup CEO Jane Fraser announced that most employees will work remotely up to two days each week.
“While some roles require the sharing of information in real time, many others have proven to be equally and, in some cases, more productive from home,” said Fraser.
The U.S. bank is one of many other companies, including Adobe and Facebook, who are moving forward with hybrid working arrangements. While each arrangement varies, they all simultaneously agree that the traditional five-day work week is no longer feasible.
This seemingly mass migration to a more flexible work schedule is anticipated to complicate things for the commercial real estate industry.
While vaccination distribution has led to optimism about workers returning to the office, it is still unclear how much demand for workspaces there will be inthe future.
However, data indicates that while demand is growing, metropolitan areas won’t see a rebound back to pre-pandemic numbers until at least 2023.
It is still unclear what Citigroup’s real estate footprint will look like in the future, but the company is making other changes like instituting a “Citi Reset Day” to ban internal video meetings on Fridays and allowing a portion of their staff to stay completely remote.
