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Tech giants are busy laying off workers and cutting office space. In the process, they may also be sparking the emergence of new entrepreneurs and start-ups. They will suddenly be able to work together on affordable prime commercial real estate.
Angel investor Jason Karakanis all in A podcast that says the 2023 big business winners will be “dismissed tech workers who chose to take control of their own destinies and start their own companies.”
“When laid-off tech workers get together in groups of two, three, or four (developers, product managers, people who actually build something) and start a company together, they have great success. Incredible lemonade from these lemons of these massive tech layoffs,” he said earlier this month.
For example, some turned entrepreneurs from employees who came from Meta, which recently laid off about 11,000 employees. Facebook owners are also cutting office space to cut costs and as they embrace remote work. Seattle TimesRecently, he also sold a property in New York City.
Colliers leasing expert Connor McClain said subleased office space is typically rented out at a discounted price. Seattle Times.
Meta isn’t the only company to lay off employees and sell real estate recently. So do many other major technology companies such as Microsoft, Salesforce, and Twitter.
Salesforce recently announced that it would lay off about 10% of its workforce while also hinting at selling real estate. CEO Marc Benioff said at an all-hands meeting:
“This is a bigger moment in cost restructuring. We want to take somewhere between $3 billion and $5 billion out of the business,” he said. “Given how we do it, real estate is going to be a major part of it.”
The company is headquartered in San Francisco. His Jan. 7 exchange between PayPal co-founder David Sacks and Tesla CEO Elon Musk highlighted the commercial real estate situation there.bag murmured“I was offered office space in San Francisco (SOMA) for exactly the same price as in 2009. Wow.”
Mr. Musk replied, “It will go down.”
Entrepreneurs emerging from tech layoffs could then take advantage of cheaper real estate to start new businesses.
Of course, some startups may choose to save money by not renting commercial real estate and having everyone work from home. As pointed out, while remote workers are arguing to return to the office, there are clear business advantages to collaborating face-to-face.
As Disney CEO Bob Iger wrote in a recent memo to employees, “In a creative business like ours, we connect with the peers that come from being physically together, Nothing can replace the ability to observe and create.”
This may be especially true for tech entrepreneurs who decide to make lemonade out of laid-off lemons.
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