Sam Zell trashes remote work, a macro trend which has taken off in the post-pandemic world as workers benefit from extra time and money savings from not having to commute to work and businesses save on overhead costs.
Trend watchers and futurists believe virtual work is a macro trend despite Sam Zell trashing remote work.
The share of full-time remote work flatline to five times its level pre-pandemic global lockdowns in 2019.
Nevertheless, Sam Zell trashes remote work; “Remote work is bullshit,” said the billionaire real estate mogul known for not mincing his words.
“Remote work is bullshit”
SAM ZELL
Talking to a group of New York University graduate students Sam Zell zealously rejected the concept of virtual working saying it is a “bunch of bullshit”. Sam Zell recommends that the coming generation of workers should reject remote working, according to GlobeSt, a commercial real estate news site.
Lower worker productivity is the crux to Sam Zell trashing the remote work view
“One of the biggest lies in the world is that people working from home are more productive than people working in the office,” said Sam Zell to an audience at NYU SPS Schack Institute of Real Estate’s annual REIT Symposium, held at NYC’s Pierre Hotel on Fifth Avenue, in April.
“You have much less productivity if you’re working from home in your pyjamas with three little kids running around than if you’re in an office,” he added.
But the typical school day is from 0845 to 1530, almost seven hours a day for parents to work without interruptions from their children. Moreover, the typical worker commute is getting longer, with the average worker wasting one hour of productive time commuting to and from work.
“One of the biggest lies in the world is that people working from home are more productive than people working in the office”
SAM ZELL
So remote working saves time, and energy and reduces worker stress, which benefits the environment by reducing or eliminating worker rush-hour traffic jams.
Collectively, cars and trucks account for nearly one-fifth of all US emissions, emitting around 24 pounds of carbon dioxide and other global-warming gases for every gallon of gas.
“more than a trillion dollars of market cap companies have moved to a hybrid model with fully remote options” – Wealth Training Company
Sam Zell trashes remote work, but is the real estate mogul and out-of-touch billionaire dinosaur?
The pre-pandemic baseline of going into an office five days a week “is dead” for many workers, said Nick Bunker, an economist at job site Indeed.
“Remote work is here to stay,” said the Job Indeed economist.
The facts support the view that remote working is a macro trend, which will permanently change the business landscape and people’s lives.
Already 33 household name companies are either adopting remote work or hybrid work, with the worker sharing time in the office and working remotely.
Adobe has gone fully remote and has decided to gather for moments that matter. The company has developed a new app for employees and teams to stay connected.
Amazon is going for the hybrid office, allowing employees to work from home two days a week.
Apple and Cisco have also embraced hybrid work, and Coinbase is pursuing a remote-first future.
Even the traditional conservative companies, such as Deutsche Bank and Ford, have moved to a hybrid model with a fully remote option.
So more than a trillion dollars of market cap companies have moved to a hybrid model with fully remote options.
As the world goes increasingly digital virtual working becomes more normal.
Sam Zell trashing remote work could be a classic example of cognitive bias, the billionaire investor who does not want to accept the new reality and takes to the stage to tell the world they are doubling down.
The graveyard of investing is littered with billionaire moguls losing their fortune.
“hyperinflation in food and necessities is underway, and if the economy escapes this downturn with a mild recession, it will be a miracle”
– Wealth Training Company
Sam Zell trashes remote work; reading between the lines
Perhaps it could be interpreted in two ways in the bullish, bearish case.
In the bullish case; Sam Zell trashes remote work believing it to be just a fad and not a macro trend, he thinks it is BS, and he is waiting to buy the dip in commercial real estate as the Fed’s interest rate hikes crash the market. Is Sam Zell the shark bargain-hunting for giveaway commercial real estate in the pending real estate crash?
Alternatively, Sam Zell could be playing a manipulative Machiavellian card where he takes to the stage to convince future investors that the coming bargains are a deal and sells to those catching a falling knife.
Interest rates could be heading higher, inflation is neither temporary, transitory, nor sticky, and the likelihood of a soft landing could be a pipe dream. Hyperinflation in food and necessities is underway, and if the economy escapes this downturn with a mild recession, it will be a miracle.
Our fifty cents, keep a wide berth from commercial real estate like it is toxic unless you can buy the mother of all bargains, can change planning laws and come up with a genius idea to convert a cubicle into a desirable living space. That is a tall order.
Sam Zell trashes remote work and commercial real estate bond investors, banks, are desperately selling bonds in a firesales as central banks keep hiking in an economic downturn.
The writing could already be on the wall for commercial real estate.
