Meta To Consolidate Office Space To Cut Losses And Support Remote Work

In another alarming sign for the office market, Meta revealed it would be cutting back on its office footprint as it transitions to a more remote model.   

During its third-quarter earnings call, the company said its expenses grew 19% from the same time last year, which included $413 million in impairment losses from some of its leases.  

According to Meta, its total expenses for 2022 is forecasted to come to $85 billion and $87 billion, with $900 million making up the company’s office restructuring. 

Next year, Meta predicts that its office consolidation expenses will amount to around $2 billion. 

“Some steps, like the ongoing rationalization of our office footprint, will lead to incremental costs in the near term,” said Dave Wehner, chief financial officer at Meta.