With its stock price collapsing in recent weeks as Mark Zuckerberg implores investors to patiently await the dawning of the Metaverse—losing almost three-quarters of its value and putting an estimated $71B dent in Zuckerberg's personal e-wallet—social media giant Meta continues to shrink its national office footprint.

The Facebook parent has announced it will not occupy a 589K SF lease it signed in January for all of the office space in what will become Austin's tallest building when it opens next year, a 1.14M, 66-story mixed-use tower at 400 West Sixth Street being developed by Lincoln Property.

Meta, which has said it is "evaluating" its real estate portfolio globally, will sublease the space in the Austin tower. Meta had promised to take the first 33 floors of the new building, which will feature 349 apartments in its top half, as well as 10K of ground-floor retail.