Meta has pulled out of about 250,000 square feet of office space in Hudson Yards. The company said it won't be renewing its leases there. Meta is gunning to drop more than $3 billion to consolidate office space. It expects to spend $900 million on those cuts in this quarter alone.
After low interest rates propelled investment sales to a record-breaking year in 2021, commercial brokerages including CBRE, Newmark and JLL, are now feeling the brunt of the impact. They're pushing to cut costs, some have laid off employees, but all agree the macroeconomic environment has made it hard to do business. Deconstruct chats with TRD reporter Patrick Ralph about the reasons behind the brokerages’ pain and whether the firms will see relief in the future.