tech giant and Google parent company Alphabet will incur about $500M in expenses in the first quarter associated with leaving office space it occupies, according to a filing with the Securities and Exchange Commission.
The company characterized the move as “actions to optimize our global office space,” but didn't report how much space it would vacate and presumably return to various markets. Alphabet didn't immediately respond to a query from Bisnow.
Shrinking tech company space usage could come as a serious blow to already beleaguered office markets, since the industry and its growth have accounted for a large portion of total U.S. office leasing in the last…
Source: Google To Incur 0M In Costs Related To Office Space Downsizing