Barclays is on the cusp of making a big decision. It is currently weighing whether to scale back its real estate footprint in the US, UK and India, according to anonymous sources cited in a Bloomberg report.
The Barclays board has not made a final decision on the extent and timing of any measures, people with knowledge of the matter told the publication. One hint was provided by Finance Director Tushar Morzaria, who told investors that depending on how the pandemic goes and how working behavior goes, they may have too much real estate in Manhattan.
Barclays is hardly alone. Company after company is considering competing trends as they try to decide whether they will reduce their office space post-pandemic. The reasons are well known and of-cited: employees prefer working at home, at least some of the time, and the reduced footprint will also reduce costs.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
