Posted 10/24/2023, 2:47:09 PM
Blackstone CEO Claims Remote Workers Don't Work as Hard, Hurting Office Real Estate Market
- Blackstone CEO Steve Schwarzman said remote workers don't work as hard and are harder to lure back to offices
- Schwarzman said people working from home save on commuting costs and don't have to dress up, contributing to office vacancies
- Schwarzman expects companies to cut back on office space when leases expire, leading some properties to fail
- Newer office buildings are proving more resilient, while demand rises for warehouses
- At Blackstone, executives are expected to be in the office 5 days a week, though research on remote work productivity is mixed