Billionaire CEO Says Remote Workers Just Need 'a Nice Little Recession' to Return to the Office
In a recent interview, Barry Sternlicht, chairman of Starwood Capital Group said that "the work from home phenomenon is a U.S. phenomenon." He said that people are back in the office in Europe, Asia, and other parts of the world.
What's more, Sternlicht doesn't seem to think it's going to last. He said that "nice buildings are still leasing," and that a "nice little recession will clear this."
To be fair, Sternlicht is completely correct about the remote work trend being a U.S. phenomenon. According to data from real estate firm JLL (as reported by CNBC), U.S. office occupancy is around 40%-60% of pre-pandemic levels, depending on the city. In Europe, office attendance is 70%-90% of pre-COVID levels, and in some Asian cities, office attendance is actually higher than it was before COVID-19.