Cash App, a subsidiary of Jack Dorsey’s Square, has signed a 40,000-SF office lease at Boquen Realty’s 13 Crosby Street in Soho, TRD reported. The digital wallet app has been the primary catalyst behind Square’s rapid revenue growth, pushing shares up 232% in the past year.
- Actions speak louder than words: In May, Twitter & Square’s CEO Jack Dorsey told employees they’d be allowed to work from home (WFH) permanently. Others like Reddit, Shopify, Pinterest, and Coinbase followed suit.
- Be Smart: Even companies like DropBox that announced a “virtual first” strategy have committed to opening “collaborative studios” –– a cooler term for satellite offices! Some tech stalwarts like Netflix, however, are expecting all employees back in the office after the pandemic.
- Reading between the lines: Google and Microsoft’s hybrid-model of around three days a week in the office is more plausible. The reluctance of the largest tech companies to fully embrace the WFH model is an under-covered story.
- A major recruiting tool: Tech companies once lured workers with the fanciest offices and best perks, but now increasingly think they need a WFH option to stay competitive. Facebook’s Mark Zuckerberg even admitted that cost savings are not evident because the company would have to hire more people to manage remote work.
- Bullish on office: All the above announcements were made months ago –– it’s imperative to wait and see how things play out before arriving at definitive conclusions.