Power Reads: 5 Interesting Articles That Will Help You This Week
/Each week, I select a few articles that rise above the fray and hopefully help you on your journey in leadership and the CRE world. They pull from one of four "corners": corporate real estate, technology, management science and anything positive. Each day we can become a better version of ourselves.
1. With 1 Sentence, Google's CEO Revealed the Best Reason to Return to the Office I've Heard Yet
Google's CEO, Sundar Pichai, published a blog post this morning to highlight the release of the company's economic impact report. The report details things like the number of jobs Google has created, as well as the effect it has on small businesses through tools like Google Ads.
“For example, Pichai says Google contributed “$617 billion in economic activity for millions of American businesses, nonprofits, creators, developers, and publishers last year. In addition, the Android app economy helped create nearly two million jobs last year, and YouTube’s creative ecosystem supported 394,000 jobs in 2020.””
Numbers like that can be hard to fully grasp. What does it mean to provide "economic activity"? How do you count that?
2. Google Set To Invest $9.5B On U.S. Offices And Data Centers This Year
Google says it plans to invest about $9.5B in U.S. offices and data centers this year, opening new facilities and expanding existing ones. The total is up from $7B in similar investments last year.
“Over the past five years, the tech giant has invested more than $37B in offices and data centers in 26 states, it said. Last year, the company announced plans to buy the massive St. John’s Terminal office project on Manhattan’s West Side for $2.1B, doubling down on its office presence in New York City.”
The company is also expanding its footprint in Washington, D.C., with a sublease of 130K SF at 655 New York Ave. NW, the Washington Business Journal reports, citing Transwestern data. That represents the largest office lease in the market during the first quarter of 2022.
3. Google Negotiating Major Expansion of Offices in Chicago’s Fulton Market
Google is in advanced negotiations for a big expansion of its offices in Chicago’s Fulton Market, the first known deal to emerge since parent company Alphabet’s announcement this week that it plans to invest $9.5 billion this year on U.S. office space and data centers.
“The tech giant is close to finalizing a lease of at least 200,000 square feet in the recently completed 16-story Fulton Labs building at 400 N. Aberdeen St., according to people familiar with Google’s plans.”
The plans are a resumption of Google’s rapid growth in Chicago after previous real estate deals were put on hold early in the COVID-19 pandemic.
4. Microsoft gears up for Atlanta westside expansion
Microsoft announced their next steps as they look to build a campus on Atlanta’s westside. But before construction starts, they want feedback from those who live and work in the community.
“Microsoft will use a 90-acre parcel of land at the westside quarry yards for their new Atlanta campus.”
However, those living in Atlanta are worried the city is bringing in more companies than it has the capacity for.
5. Tide Could Be Turning as More Firms Head Back to the Office
The national office sector is slowly healing, although uncertainty remains high and multiple factors could prevent any notable improvement in office market conditions in the near term.
“More firms are signaling a return to the office, but this doesn’t necessarily mean a return to normal.”
Many are still committed to hybrid workplace models, and it remains unclear how this will affect demand for space.
Your success blesses others. I wish you a great and hugely impactful week!
