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

More stories for you

Flex Space To Reach 20% Of London’s Office Market By 2030, CBRE Forecasts

10 hours ago

Atlanta Tops the List Of America’s Best Cities For Remote Workers In 2026

4 days ago

Glassdoor Data Exposes Rising Worker Frustration Across U.S. Companies

5 days ago

How Do You Stop A Speeding Company? Drop A Ton Of Bricks On The Balance Sheet

6 days ago

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.  

Advertisements

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. 

Advertisements

“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. 

Advertisements