Billionaire Blackstone CEO Stephen Schwarzman, the biggest owner of commercial real estate says remote employees 'didn't work as hard'

SirToxicAvenger , 9 months ago

the reality is that if companies have remote employees, they dont need commercial real estate. if companies dont need commercial real estate, a GIANT BUBBLE that will dwarf the subprime fuckups in 2008 happens & tens of billions of dollars in commercial real estate will rapidly lose value. anyone holding that property will see their assets plummet like someone jumping out of the 70th floor of a Wall St building.

if anything, the pandemic taught us that 90%+ of employees who could work in an office downtown (or wherever) can work just as well at home. Schwarzman’s ass is on the line.

homesweethomeMrL , 9 months ago

OR . . . OR they can convert them to luxury living spaces in the heart of the city for beaucoups de bux.

But fantastically stupid comments like the real estate magnate is making here in the article will be the kicking and screaming before that happens.

SirToxicAvenger , 9 months ago

you’re not wrong, they totally could - but not at a profit margin the board/stockholders will accept. really glad I dont have any investments in commercial real estate.

Maeve , 9 months ago

What about defense, water, food, medicine?

DreddNYC , 9 months ago

Converting a commercial building to residential use isn’t that easy. For one the plumbing is very different for commercial use and not easily converted for residential. Either way this billionaire can get bent, remote work is better in every measurable way.

Maeve , 9 months ago

Fully automated luxury everyone space Communism sounds good.

oDDmON , 9 months ago

Fuck you bud, our unit was more productive remote and we had the metrics to prove it.

Unfortunately, data doesn’t trump tiny minds who need to manage people in person, or obviate the type of bullshit rumors billionaires and those invested in commercial real estate tend to peddle.

reddig33 , 9 months ago

How would he even know? Did he run some comparative numbers between employees working from home and those that didn’t during the same time period? Or is he just making shit up?

homesweethomeMrL , 9 months ago

The answer will shock you!

Endorkend , 9 months ago

He knows because it is in his best interest for it to be so.

As remote work is going to decimate the commercial realestate market.

Unaware7013 , 9 months ago

He's doing the same shit Elon does and is just pulling random bullshit out of his ass that makes his opinion sound less absolutely fucking stupid than it really is.