Nearly everyone in the U.S. was tossed into a remote work situation as a result of the pandemic. Some users were well-prepared (such as our Private Cloud users who had virtualized their operations and have been working remotely for years). But for many this was a completely new – and often chaotic – experience.
As the economy starts to emerge from shutdown, many are now wondering if remote work will fade back to a service for a select few users or if it actually represents a new normal. Here’s some evidence that it’s the latter.
Social media giant Pinterest just pulled the plug on it’s state-of-the-art office campus in San Francisco. Pinterest has been growing strongly and had been in the process of designing a huge 490,000 sq/ft campus. It had even leased the office space.
Anyone in business knows it costs a lot to break a commercial real estate lease, but Pinterest has done just that. They have agreed to pay a one-time fee of $89 million to back out of the lease.
To be fair, Pinterest can afford it. Their books show a cash cushion of $1.7 billion. But still, escaping from the lease is about 5.2% of their cash on hand. Clearly, Pinterest doesn’t expect the traditional work environment to come back. They seem all-in on remote work both in the present and in the future.
Does your business want to investigate virtualizing or downsizing your business physical footprint? MicroData can help you explore options and chart a path to the New Normal. Visit us at MicroData.com to learn more.