I work for one of the largest health care companies in the country. About 20 years ago, they started buying up the office buildings they were putting their employees in. Made sense in a lot of ways.
Then COVID hit.
In the post-COVID era, they've sold at least four of their buildings, two are sitting completely empty and still on the market and they've consolidated a majority of the employees (in my state at least) into three or four newer buildings. I've heard rumors over the next few years, more consolidation is in the works as they sell off most of their holdings.
I wonder which company that is. In my area, a local health insurance company is somewhat well known for remaining "non-profit" by directing a lot of their extra money into local real estate, much of it commercial buildings downtown. Seemed clever years ago, but hopefully they're feeling some pain now.
I'm not saying it is but everyone has survivorship bias. Kodak and other titans of industry of yesteryear also had their large campuses and projected growth too.
My point is that nobody can predict the future and nothing is guaranteed. Surviving isn't even the norm. We're down to about 50 companies from the original Fortune 500.
I work for one of the largest health care companies in the country. About 20 years ago, they started buying up the office buildings they were putting their employees in. Made sense in a lot of ways.
Then COVID hit.
In the post-COVID era, they've sold at least four of their buildings, two are sitting completely empty and still on the market and they've consolidated a majority of the employees (in my state at least) into three or four newer buildings. I've heard rumors over the next few years, more consolidation is in the works as they sell off most of their holdings.