Lyft has announced that it would cut back on its office space as it transitions to a “fully flexible” policy.
The San Francisco-based ride-sharing company will sublease part of its Nashville, New York City, San Francisco and Seattle corporate offices, making up around 44% of space.
“While we continue to believe that in-person connections are important, many of our team members opted to work remotely after we shifted to a flexible workplace strategy,” said a spokeswoman.
Shedding office space has become a common move for many companies during the post-pandemic era.
While businesses like Lyft cite the shift to flexible work arrangements as the reason for cutting back their real estate footprint, other factors play a role too.
For instance, because of record-high inflation and a looming recession, companies are seeking ways to cut corners and save money. Since occupancy across major offices has remained well-below pre-pandemic levels, shedding unused space can help firms weather an economic storm.