https://www.theregister.com/2023/09/27/meta_coughs_181m_to_exit/ # # Sign in / up The Register(r) -- Biting the hand that feeds IT # # # Topics Security Security All SecurityCyber-crimePatchesResearchCSO (X) Off-Prem Off-Prem All Off-PremEdge + IoTChannelPaaS + IaaSSaaS (X) On-Prem On-Prem All On-PremSystemsStorageNetworksHPCPersonal TechCxOPublic Sector (X) Software Software All SoftwareAI + MLApplicationsDatabasesDevOpsOSesVirtualization (X) Offbeat Offbeat All OffbeatDebatesColumnistsScienceGeek's GuideBOFHLegalBootnotesSite NewsAbout Us (X) Special Features Special Features All Special Features Cloud Infrastructure Week Blackhat and DEF CON Sysadmin Month The Reg in Space Emerging Clean Energy Tech Week Spotlight on RSA Energy Efficient Datacenters Vendor Voice Vendor Voice Vendor Voice All Vendor VoiceAmazon Web Services (AWS) Business TransformationDDN Google Cloud Data TransformationGoogle Cloud for StartupsGoogle Cloud InfrastructureGoogle WorkspaceHewlett Packard Enterprise: AI & ML solutionsHewlett Packard Enterprise: Edge-to-Cloud PlatformIntel vPro VMware (X) Resources Resources Whitepapers Webinars & Events Newsletters [front] On-Prem 13 comment bubble on white Meta spends $181M to get out of lease at vacant London offices 13 comment bubble on white Biz signed 20-year term in 2021 before COVID-19 caused the WFH revolution followed by redundancies icon Paul Kunert Wed 27 Sep 2023 // 15:45 UTC # Meta is paying PS149 million ($181 million) to release itself earlier than planned from a lease on an eight-story office block in London signed two years ago, which still lies vacant. The antisocial media biz took out a 20-year lease on 1 Triton Square near Regent's Park in the north-west of England's capital in 2021, something that supposedly showed Brexit Britain was open for business. The decision at the time came well before the industry-wide downturn in digital ad spending that caught out Meta and Google, and was during a glorious hiring frenzy that saw Meta's headcount rise from 58,000+ in 2019 to more than 87,000 by the end of Q3 2022. [front] CEO Mark Zuckerberg subsequently went into cost-cutting overdrive, announcing 11,000 redundancies, or 13 percent of the workforce, in November last year, and another 10,000 people got the chop in March. This was all part of Zuck's so-called "Year of Efficiency." [front] [front] Clearly paying millions to rent a 310,000 square-foot office space that wasn't being used isn't fiscally prudent, especially when Meta hadn't furnished the block, let alone occupied it. The company has now paid the equivalent of around seven years rent to exit the lease, according to an update from British Land. In a statement, Meta said: "The past few years have brought new possibilities around the role of the office, and we are prioritising making focused, balanced investments to support out most strategic long-term priorities and lead the way in creating the workplace of the future." [front] "We remain fully committed to London, as evident by the recent opening of our King's Cross office further anchoring our local footprint." Meta has mandated employees' return to the office for three days a week, telling them they "work better" when together in person. Zoom said the same, ironically given its position as a web conferencing provider, when opening its own London office recently. Others including Dell, Google, IBM, and many more are also calling staff back to the corporate water coolers. Meta is now using employee badges to track if staff are working from an office for the requisite three days a week. [front] A study published by the US National Bureau of Economic Research in October 2022 indicated that remote work stateside had wiped a staggering $453 billion off the value of office real estate. This week, estate brokerage CBRE reportedly estimated that nearly 30 million square feet of office space was vacant in the city of San Francisco, equating to 33.9 percent being unused. * Microsoft ditches plans for 500,000 sq ft London office * Most Londoners would quit before they give up working from home * As TikTok surveils staff's office hours, research indicates WFH is good for planet * Get your staff's consent before you monitor them, tech inquiry warns * Bosses face losing 'key' workers after forcing a return to office According to research by Omdia, 57 percent of HR and IT people quizzed said they are "satisfied" with the diversification of workplaces and others are "less satisfied at work when a return to the office is mandated." Staff want to feel trusted yet managers want to see their staff in the office to know the work they assigned is being done - a difficulty posed by so-called productivity paranoia. "More diverse work styles have impacted employee productivity, satisfaction and customer experience," said Adam Hotly, principal analyst at Omdia. (r) Get our Tech Resources # Share More about * Meta * Working from Home More like these x More about * Meta * Working from Home Narrower topics * Facebook * Open Compute Project Broader topics * Andrew McCollum * Chris Hughes * Dustin Moskovitz * Eduardo Saverin * Employment * Mark Zuckerberg More about # Share 13 comment bubble on white COMMENTS More about * Meta * Working from Home More like these x More about * Meta * Working from Home Narrower topics * Facebook * Open Compute Project Broader topics * Andrew McCollum * Chris Hughes * Dustin Moskovitz * Eduardo Saverin * Employment * Mark Zuckerberg TIP US OFF Send us news --------------------------------------------------------------------- Other stories you might like Zuck uses India visit to increase Meta's transactional traction WhatsApp gets better at taking money and so does Meta with verified accounts for biz Software21 Sep 2023 | Norway court upholds miniscule fine against Meta for flouting privacy rules Targeted ads require data usage consent under EU regulations Personal Tech7 Sep 2023 | 33 As TikTok surveils staff's office hours, research indicates WFH is good for planet Not leaving home for work cuts an individual's carbon footprint by 54%, says research On-Prem20 Sep 2023 | 60 If a college graduate can't protect your data, you're in trouble To achieve resiliency and efficiency, aim for simplicity Sponsored Feature [front] Portable Large Language Models - not the iPhone 15 - are the future of the smartphone Column Personal AI can redefine the handheld experience and perhaps preserve privacy too Personal Tech13 Sep 2023 | 65 IBM Software tells workers: Get back to the office three days a week Managers warn company goals can't be achieved unless coders get more face time and less FaceTime AI + ML11 Sep 2023 | 156 If you like to play along with the illusion of privacy, smart devices are a dumb idea Updated You're just giving manufacturers carte blanche to profit off personal data Security7 Sep 2023 | 133 Meta reckons China's troll farms could learn proper OpSec from Russia's fake news crews Claims to have taken down two colossal networks, with 'Secondary Infektion' schooling 'Spamouflage' Security30 Aug 2023 | 15 Meta to use work badge and Status Tool to snoop on staff Not in office three days a week? 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