About a month after the US lockdowns for the pandemic began,Morgan Stanley CEO James Gorman told Bloomberg Televisionthat it had become clear to him that the firm could operate with"much less real estate." The productivity of Morgan Stanley'shastily-assembled remote workforce turned out to be strong enoughthat he could see a future where "part of every week, certainlypart of every month, a lot of our employees will be at home."
As the pandemic wore on, more and more companies were coming tothe same conclusion, either mulling out loud the benefits of apermanent remote workforce or actively making plans to move in thisdirection. In a Gartner survey in April, 74% of CFOs said they intendto move at least 5% of their previously on-site workforce topermanently remote positions post-COVID 19. Nearly a quarter ofrespondents said they will move at least 20% of their on-siteemployees to permanent remote positions.
Examples of such firms include Nationwide, Barclays and techfirms such as Twitter and, most recently, Facebook.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
