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Reply to "What is truly going on with the DC area real estate market, please explain? "
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]So Goldman Asia is already at 50% capacity in offices when vaccines were just approved 30 days ago? Yeah. Okay. Let's see what happens by end of 2021 year. [b]In the memo, which was verified by a bank spokeswoman, Chief Executive Officer David Solomon said Goldman is also considering “the feasibility of testing (staff and visitors for the coronavirus), subject to availability and more information on the accuracy of results.” Large banks worldwide have been developing plans to gradually return staff to offices after nearly two months of working remotely and from home during the outbreak of the novel coronavirus.[/b][/quote] ...did you read any links I posted? Am I arguing with a robot?! (Jokes on me, if so.) Goldman is at 2-3% today, and they plan to ramp up to 50% eventually, with the other 50% of their workforce permanently work from home.[/quote] Did you notice that article is 8 months old? If they were at 2% in June 2020 - why would it be the same in February 2021?[/quote] I don't work with Goldman but I work with another bank and their reopening efforts ran smack into the second and third waves of the virus. They are still at the same levels they were back then. Traders are fully remote and everybody seems happy so it's a major ? what will happen next. The CRE market has put a lot of pressure on the banks because it's an existential threat for them. The most bullish move is Amazon buying up huge amounts of space in NYC for their NY-HQ2 because they think young college grads will want to move there no matter what. Facebook has leased some but the other tech companies are not biting.[/quote] Thanks - this is interesting. NYU (in New York) and UCLA (in L.A.) also had the largest application season in their history for the 2020-2021 year. So I don't think the young college grads think is wrong. A 15% and 28% increase in applicants says something. http://www.nyu.edu/about/news-publications/news/2015/january/record-breaking-60000-students-apply-to-nyu-largest-increase-in-15-years.html https://abc7.com/ucla-admissions-applications-diversity/10142247/[/quote] I think it is going to push the young people to want to be in urban areas even more. Staying home with mom and dad in middle of nowhere or middle suburbia gets real old at 18, 20, 22. [b]The young people from higher wealth households are going to be flocking to cities. [/b]I think Amazon is ahead of the game and knows this. It’s very competitive to recruit and retain top talent in tech, etc...[/quote] Uh. This is nothing new. :lol: [/quote] It isn’t, but the scale of this phenomenon isn’t constant and instead it has grown faster than many imagine. There’s a whole world of trust fund kids with boomer parents whose analogs in an earlier age would have decamped to NYC or maybe LA. Those places are too $$$ for them now and DC (with a big assist from ‘The West Wing’ and Obama) has been increasingly competitive on the ‘cosmopolitan cool’ circuit. [/quote]
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