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business2 years ago

Global Companies to Cut Office Space by 10-20% in Next Three Years: Survey

Around 50% of major global companies plan to reduce their office space in the next three years, with American cities, particularly San Francisco, most at risk of having empty offices, according to a survey by UK-based real estate firm Knight Frank. The commercial real estate market is under strain from waning demand for office space following a rise in homeworking after the pandemic, as well as from falling property values and rising interest rates. However, 55% of all surveyed companies expect to increase their footprints over the next three years, with growth led by smaller firms of up to 10,000 employees.

via CNN|
#business#commercial-property#global-companies
business2 years ago

Major global companies to reduce office space in coming years.

Around 50% of major global companies plan to reduce their office space in the next three years, with American cities, particularly San Francisco, most at risk of having empty offices due to a rise in remote work and falling property values. However, 55% of all surveyed companies expect to increase their footprints over the next three years, led by smaller firms. The pandemic has caused a shift in the commercial real estate market, with companies re-evaluating their real estate needs and considering factors such as flexible working and energy efficiency standards.

via CNN|
#business#commercial-property#global-companies
business2 years ago

The Complexities of Companies Leaving or Staying in Russia

Leaving Russia is not as simple as it may seem for global companies due to hurdles imposed by the Russian government, including approval by a government commission and President Vladimir Putin himself, painful discounts and taxes on sale prices, and the threat of confiscation of considerable asset value through forced nationalization. Some companies are staying put, citing responsibility to shareholders or employees, legal obligations to local franchisees or partners, or providing essentials like food, farm supplies, or medicine. Others are biding their time, struggling to shed assets, or attempting business as usual. Over 1,000 international companies have publicly said they are voluntarily curtailing Russian business beyond what’s required by sanctions, according to a database by Yale University.

via HuffPost|
#business#exit-tax#global-companies
business2 years ago

Insurance Giants Abandon Climate Initiatives Amid Political Pressure.

Prominent insurance companies, including Munich Re, Zurich Insurance Group, and Hannover Re, have left the Net Zero Insurance Alliance due to antitrust risks and Republican Party attacks on businesses perceived to be embracing environmental, social, and good governance goals. The exits have prompted urgent action from the alliance's leadership to prevent further member losses. Global companies are facing challenges in navigating the disparate waters of ESG regulation and legal requirements between Europe and the US.

via OilPrice.com|
#business#climate-change#esg