Lyft To Sublet Offices In San Francisco And New York
USA – Given that many of its staff are on flexible work arrangements, ride-hailing company Lyft Inc announced that it intends to sublease almost half of the space at its corporate offices in four major cities across the country, reported MarketWatch on Wednesday morning (24 August, SGT).
In particular, the tech firm estimates that it will sublet between 275,000 sq ft to 615,000 sq ft of office space at its headquarters in San Francisco as well as corporate offices in New York City, Seattle, and Nashville, according to a Lyft representative.
Lyft’s Vice President Rachel Goldstein explained that they plan to sublease a large amount of office space due to a higher amount of underused workspace.
“While we continue to believe that in-person connections are important, many of our team members opted to work remotely after we shifted to a flexible workplace strategy.” She was referring to the tech firm’s announcement in March that it was embracing a “fully flexible” office for its roughly 4,000 workers.
The Lyft representative also shared that they will jumpstart the subleasing efforts with real estate agencies this week. Still, the ride-hailing company will continue to adapt its property strategy as its needs evolve.
Notably, Lyft has been reducing expenses like other large firms recently. In May, the company announced that it would be cutting budgets and slowing hiring after its share price hit near all-time lows. The tech firm has also been under pressure to generate profit and has underscored to its investors that slashing costs is one of its plans to generate earnings.