Back to the Office for Tech Workers

[admin]

Covid is over now for all intents and purposes. Amazon announced return to the office (3 days a week) and no longer requiring vaccine.

You knew this was coming, other large tech companies will follow suite. This change in addition to tech stocks getting absolutely hammered in the stock market this year will pretty much put an end to the “Bay area tech worker moving to ___ for remote work”.

Just another ominous sign for the housing market along with rapidly rising interest rates. Anybody flipping houses now is going to get rammed hard. I think Zillow was wise to get out of that business when they did.

[sdrealtor]

Bookmarked

[The-Shoveler]

Back to the Office?

Not so much for my company so far.

IMO 5 days a week in Office is dead for most tech workers, maybe 2-3 days we will see, not sure that would really move the needle as far as SD RE, if they really wanted I am sure most could find work locally.

[The-Shoveler]

dup

[Coronita]

But you aren’t a tech worker deadzone. How would you know what the prevailing pulse of this situation is???

[Coronita]

[quote=sdrealtor]Bookmarked[/quote]

I know why. lol…

I had an interview for this one company. Manager relocated to Mammoth Lakes. Senior Director was out of Covina. VP was out of Seattle. They didn’t seem to care where the Mobile Director lived.

[Anonymous]

[quote=Coronita]But you aren’t a tech worker deadzone. How would you know what the prevailing pulse of this situation is???[/quote]

All the big silicon valley companies such as Amazon, Google, etc. were originally planning to bring back their folks to the office 3 days/week back in January. That got delayed due to Omicron. Now that Covid is finished they are going to be resuming these plans soon.

Bottom line the majority of tech workers, or white collar workers in general, are not going to be able to work fully remote forever. They hybrid/flex schedule will hopefully stay for long term but the number of people working fully remote from home will be drastically going down from here on out, not increasing.

[Anonymous]

Oh and this is all publicly announced information. Don’t have to work in SV to have the “pulse”. The Jan 10th original return to work 3 days/week was fairly universal in and outside of silicon valley.

[XBoxBoy]

[quote=deadzone]
Just another ominous sign for the housing market along with rapidly rising interest rates. [/quote]

I seriously doubt if remote work has driven the housing market much. If it had, then for every area that went up, another would have gone down. But that didn’t happen. Prices are up everywhere. (Well, okay a bit of a drop in St. Georges Utah, but let’s not quibble about details.)

So claiming the end of remote work is going to kill the housing market doesn’t make any sense. If you really want to claim that, you’ve got to provide some data that shows the recent surge in prices is in fact the result of tech workers moving from SV to other places like San Diego. And sorry, but just because some people say that’s what has happened, doesn’t make it so. Show real data that the recent growth in prices is the result of tech workers moving out of SV if you want to make this claim.

[sdrealtor]

Had coffee today with a QCOM friend. April 1st they want them back two days. He’s contemplating whether he’ll agree. Key member of his team moved up north and another to North Carolina. Neither are coming back to office

[sdrealtor]

[quote=XBoxBoy][quote=deadzone]
Just another ominous sign for the housing market along with rapidly rising interest rates. [/quote]

I seriously doubt if remote work has driven the housing market much. If it had, then for every area that went up, another would have gone down. But that didn’t happen. Prices are up everywhere. (Well, okay a bit of a drop in St. Georges Utah, but let’s not quibble about details.)

So claiming the end of remote work is going to kill the housing market doesn’t make any sense. If you really want to claim that, you’ve got to provide some data that shows the recent surge in prices is in fact the result of tech workers moving from SV to other places like San Diego. And sorry, but just because some people say that’s what has happened, doesn’t make it so. Show real data that the recent growth in prices is the result of tech workers moving out of SV if you want to make this claim.[/quote]

Gonna stick this here hoping someday we get an update to compare this to

https://fox5sandiego.com/news/local-news/metros-sending-the-most-people-to-san-diego/amp/

[Anonymous]

[quote=XBoxBoy][quote=deadzone]
Just another ominous sign for the housing market along with rapidly rising interest rates. [/quote]

I seriously doubt if remote work has driven the housing market much. If it had, then for every area that went up, another would have gone down. But that didn’t happen. Prices are up everywhere. (Well, okay a bit of a drop in St. Georges Utah, but let’s not quibble about details.)

So claiming the end of remote work is going to kill the housing market doesn’t make any sense. If you really want to claim that, you’ve got to provide some data that shows the recent surge in prices is in fact the result of tech workers moving from SV to other places like San Diego. And sorry, but just because some people say that’s what has happened, doesn’t make it so. Show real data that the recent growth in prices is the result of tech workers moving out of SV if you want to make this claim.[/quote]

Of course the Federal Reserve QE is the primary driver for the overall housing (and everything) bubble. The Fed pulling back their support is what is going to ultimately pop the bubble. And based on the stock market action so far this year, it looks like that bubble may already be leaking air pretty bad.

But there was a lot of debate relating to why certain cities, were outpacing others. A significant driver for some cities, many have claimed, is high paid tech workers moving to desirable cities (like San Diego) and working totally remote. I personally always thought that was overblown. But regardless of how big of a factor that was/is in our local RE economy, the effect is going to be reversing itself when companies call their employees back to the office.

[Anonymous]

In my opinion a much bigger factor that will hurt the local and national housing market is the fact that the stock market (and Tech stocks especially) are absolutely shitting the bed. A great deal of wealth in recent years is due to stock options and appreciation. And a lot of (temporary) wealth was also created by Bitcoin. Looks like we are in the midst of another tech crash on the scope of the 1999/2000 .com crash. No question that loss of wealth will impact the housing market significantly, at the same time that interest rates are going up. Not a good combination.

[Anonymous]

[quote=sdrealtor]Had coffee today with a QCOM friend. April 1st they want them back two days. He’s contemplating whether he’ll agree. Key member of his team moved up north and another to North Carolina. Neither are coming back to office[/quote]

It will be interesting to see how this all shakes out. How many folks, in the long run, from qcomm for example, will be allowed to work fully remote permanently. Or if corporate doesn’t budge, how many will actually follow through with their threats to quit. I think Qcomm is a good barometer for the overall industry so will be good to follow up on this.

[Coronita]

[quote=sdrealtor]Had coffee today with a QCOM friend. April 1st they want them back two days. He’s contemplating whether he’ll agree. Key member of his team moved up north and another to North Carolina. Neither are coming back to office[/quote]

Well anecdotal story… I have a friend who works at a small biotech company. She’s on the administrative staff and they and support were all told to go back to the office starting next week…

However all the scientists and researchers…They are allowed to work remotely indefinitely.

Now this might seem a bit unfair, because it is. But you know why the company did this, right?

The company views the administrative staff as easily replaceable so they get treated like crap. And their philosophy is well if you quit go ahead we’ll just find a replacement.

However, when it comes to the scientist and engineers. It seems like they don’t want to fvck with them, because I guess if they said the same thing, the scientist and engineers would just walk across the street to a competitor.

Go figure.

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